Logistics firm says revenues from core market ops have been robust; strong growth seen in Africa
Dubai logistics firm Aramex on Monday reported a 13 percent rise in third-quarter net profit.
Aramex posted a third-quarter net profit of AED59.9m ($16.3 million) compared with AED53.1m in the corresponding period in 2012, it said in a statement.
The company's revenues in the third quarter increased to AED827m, up nine percent compared to AED758m in Q3 2012, it added.
Hussein Hachem, Aramex CEO said: "We are pleased to have delivered another strong set of quarterly results. Our continued focus on performance optimisation and efficiencies allowed us to stay on target and deliver sustainable Q3 revenues."
Revenues from Aramex's core market operations in the Middle East and North Africa (MENA) region have been robust despite the prolonged low-trading season at the beginning of the third quarter, he added.
The firm said sub-Saharan African markets continued to record strong growth, with South Africa playing an increasingly important role in Aramex's global network.
Aramex added that its core businesses in express, logistics, freight and e-commerce Aramex continued to deliver solid results during the third quarter of 2013, particularly in the e-commerce sector.
"We have entered the final quarter of the year with very good momentum in our business, maintaining our focus on our global growth strategy," said Hachem.
"We have also succeeded in expanding our footprint through franchising and acquisitions in sub-Saharan Africa and Central Asia - markets that will be key to our future development - and we will continue to focus on expansion in these markets in 2014."