Aramex (DFM: ARMX), the global logistics and transportation solutions provider, today announced its financial results for the three months ending March 31, 2010.
Net profits for the first quarter of 2010 rose to AED 47.5 million, a 10% increase from AED 43.1 million in the corresponding period in 2009.
The company registered a high net profit margin of 9% in the first quarter of 2010, as it continues to implement effective cost-management programs, resulting in lower cost of services and capping of expenses.
Revenues also showed strong growth of all key products across the company’s operations in the first three months of this year, rising to AED 530 million, up by 14% from AED 463 million in the same period of 2009.
“Our financial results for the period are in line with our expectations,” said Fadi Ghandour, founder and CEO of Aramex. “The growth in revenues was driven by solid performance in all our markets, and strong double-digit growth of our freight forwarding business, with a significant contribution coming from Europe.”
“The growth in our freight forwarding business is a clear indicator of the larger trend of global macroeconomic activity,” Ghandour added.
The company reported a strong net cash position of AED 500 million as of March 31, 2010, which is ideally placed to support its expansion plans in emerging markets, particularly Africa, Southeast Asia and the Commonwealth of Independent States, primarily by partnering with strategic local firms.
Aramex will remain focused on fulfilling its sustainability commitments in 2010, by continuing to adopt environmentally-friendly practices, actively engaging in community development, and partnering with institutions and stakeholders to foster an environment conducive to the growth and development of youth and SMEs.
