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Aramex’s Profit Climbs 23 Per Cent

DUBAI — Dubai-based transport and logistics provider Aramex on Sunday said its net profit jumped 23 per cent to Dh41.7 million, compared to Dh34 million in the same period last year

The company said its net profit in the first nine months of 2009 increased by 24 per cent to Dh134.8 million from Dh108.5.

“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, Chief Executive Officer of Aramex.

“This consistency is testament to the resilience and flexibility of our asset-light business model, and the entrepreneurial and innovative thinking of our people.”

The company said its revenue in the three-month period went down by 11 per cent to Dh487.6 million, from a year ago due to 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, it added.

abdulbasit@khaleejtimes.com