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Aramex second quarter profits rise 15 per cent

DUBAI - Aramex announced on Sunday second quarter results posting a 15 per cent rise in net profits. The company profits as on June 30, 2008 reached Dh38.4 million, compared to Dh33.5 million for the same period in 2007. Revenues during the same period reached Dh539.3 million against Dh437.5 million, resulting in double-digit growth of 23 per cent over the same period in 2007.

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Overall, net profits for the first half of 2008 climbed by 18 per cent to Dh74.6 million from Dh63.4 million for the first half of 2007. Revenues for the first six months of 2008 also registered 23 per cent growth, climbing to Dh1033.7 million, from Dh837.0 million for the same period in 2007.

Driven by increases in fuel prices, in addition to escalating operating and overhead costs, Aramex's total overhead as a percentage of revenues increased to 41per cent in the second quarter 2008 compared to 39 per cent for the same quarter of 2007.

"Despite inflationary pressures in the region, we continue to perform well and remain optimistic that the remainder of the year will produce similarly consistent results," said Fadi Ghandour, founder and CEO of Aramex.

"Our growth potential is positive, particularly in our core Middle East market, where we are benefiting from the unprecedented economic boom. "We continue to take advantage of outsourcing trends in the region, particularly in third party logistics, whilst managing the inflationary pressures on our operating and overhead costs," Ghandour commented.

So far, the global logistics provider has been able to achieve its positive results without comprising its strong commitment to environmentally, socially, and economically sustainable business activities. During the first half of 2008, Aramex was involved in a number of landmark sustainability-related projects, including the introduction of hybrid cars into its ground fleet, and the adoption of eco-friendly packages across all operations.