Aramex Q4 revenue up 18%

Aramex, a provider of global logistics and transportation solutions, has reported revenues of AED682m for the fourth quarter of 2011, an increase of 18% compared to AED580m in the same quarter of 2010.

Net profit for the fourth quarter of 2011 was AED57.2m, an increase of 4% compared to AED55m in the same quarter prior year.

For the 12-month period ended 31 December 2011, the company reported net profits of AED211.5m, an increase of 4% compared to AED204m in 2010.

The company's revenues for the full year of 2011, reached AED2,576m, an increase of 16% compared to AED2,212m in the same period last year.

Aramex founder and CEO Fadi Ghandour said the company is happy with the overall performance of the company in 2011, a remarkable result against the backdrop of global recession and regional uncertainty.

"While revenues recorded significant growth due to strong economic growth in the Gulf Cooperation Council (GCC) countries, particularly in the Kingdom of Saudi Arabia and the UAE, and the diversification of our operations into new emerging markets, our net profits recorded modest growth due to high fuel prices, increase in overheads, initial investments in our Greenfield operations in Africa, and political instability in some countries in the Middle East and North Africa region," Ghandour said.

"2011 was an exceptional year for the company with significant global expansion that strengthened its presence in key emerging markets through a series of acquisitions and partnerships, including acquisitions of Berco Express in South Africa, OneWorld Courier and In-Time Couriers in Kenya, the Ireland-headquartered Aquaship Agencies, and the joint venture with SinoAir in China.

"Aramex will continue to execute its long-term growth strategy in 2012, supported by a strong cash position."