Courier firm posted net profit of US$14.5m for quarter ending September 30; revenue up 17 percent
Aramex, the largest courier company in the Middle East and North Africa, reported a third quarter net profit increase of 11 percent as revenue grew on the back of ecommerce and buoyant economies in the Gulf states.
The global logistics and transportation provider said it had a net profit of AED53.1m (US$14.5m) in the quarter ending September 30 compared with AED48m in the same period a year ago. The company’s revenues increased 17 percent in the period to AED763m from AED650m in the same quarter a year earlier.
"One of our key growth drivers, ecommerce, continues to grow substantially, and our business in core markets remains robust, as the economies of the Gulf Cooperation Council countries continue to perform strongly and our South African operation is doing extremely well," Aramex founder and CEO Fadi Ghandour said in an emailed statement.
"Our challenges lie more with our newly established greenfield operations in Africa while our Asia operations including India are showing promising results," Ghandour added.
In 2011 Aramex acquired South African-based Berco Express, which has helped Aramex expand its operations in the southern part of the continent.
Ghandour, 53, who founded the company 30 years ago, will step down at the end of this year to focus on angel investing and working with young entrepreneurs, handing his position over to Hussein Hachem. Ghandour will become vice chairman.