Aramex manages to post third-quarter profit

ARAMEX announced its financial results for the three months ending 30 September. The company declared a net profit of AE$41.7 million (US$11.3 million) for the period, an increase of 23 per cent compared to AE$33.9 million in the corresponding period of 2008. Revenues for the third quarter of this year stood at AE$487.6 million, a decline of 11 per cent compared to AE$545.7 million in the same period last year.Net profit for the first nine months of 2009 climbed 24 per cent to AE$134.8 million, compared to AE$108.5 million for the same period in 2008.The decrease in the company’s revenues was primarily a result of a marked reduction in global freight forwarding activity, resulting in a decline of 20 per cent in freight revenues across the network. Third quarter revenues were also negatively impacted by the extended number of public holidays and reduced business hours, including those on account of Ramadan and Eid holidays in the Middle East and North Africa region during the period.“In spite of the extremely challenging economic conditions that have prevailed during the first nine months of this year, impacting growth in our revenues, we have consistently announced double-digit increases in our net income quarter-after-quarter,” said Fadi Ghandour, founder and chief executive officer of Aramex. “This consistently is testament to the resilience and flexibility of our asset-light business model and the entrepreneurial and innovative thinking of our people.