Aramex posts third-quarter profit

ARAMEX has declared a net profit of (US$11.3 million for this year’s third quarter, ending 30 September. This is an increase of 23 per cent from the $9.2 million in the same period last year. Revenue was $132.7 million, a decline of 11 per cent compared to $148.5 million in the same period last year. Net profit rose 24 per cent to $36.7 million, compared to $29.5 million for the same period in 2008.The global drop in freight forwarding resulted in a 20 per cent drop in Aramex’s freight network revenues.“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 (right), Aramex’s chief executive officer. “This consistently is testament to the resilience and flexibility of our asset-light business model and the entrepreneurial and innovative thinking of our people.“We continue to review expansion opportunities in underserved markets, especially in Africa and Central Asia. As Aramex adjusts its long-term growth strategy in line with evolving market dynamics, we are also determined to upgrade and expand our existing logistics infrastructure in core markets,” he added.