By Andy Sambidge
Middle East's biggest courier company sees profits rise 11%, eyes East Africa expansion in 2011
Aramex, the Middle East’s biggest courier company, on Tuesday posted net profits of AED204m ($55.5m) for 2010, 11 percent higher than the previous year.
It also reported a cash balance at the end of last year of AED555m and company bosses said its low debt-to-equity ration would support its plans for future growth.
In a statement, the company said 2010 was a year of "significant expansion" for Aramex, as it strengthened its presence in emerging markets such as Ghana, Turkey, Malaysia, Bangladesh and Vietnam through a series of strategic acquisitions and partnerships.
This year will see the company maintain its focus on strategic expansion, including acquisitions in East Africa, the statement added.
The statement also listed achievements covering a wide range of sustainability issues, including reducing fuel consumption across the company by three percent and decreasing vehicle accidents that result in injuries by 70 percent.For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.