Dubai, UAE; February 2nd, 2012: Aramex (DFM: ARMX), the global logistics and transportation solutions provider, today announced its financial results for the fourth quarter of 2011, as well as its consolidated financial results for the 12-month period ending December 31, 2011.
The company’s net profits for the fourth quarter of 2011 rose to AED 57.2 million, up from AED 55 million in the corresponding period of 2010, representing an increase of 4%. In the fourth quarter of 2011, Aramex’s revenues rose to AED 682 million, up 18% compared to AED 580 million in the fourth quarter of 2010.
“We are very happy with the overall performance of the company in 2011, a remarkable result against the backdrop of global recession and regional uncertainty”, said Fadi Ghandour, Aramex’s Founder and CEO. “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 United Arab Emirates, 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”.
For the 12 months ending December 31, 2011, Aramex reported full-year net profits of AED 211.5 million, an increase of 4% compared to AED 204 million in 2010. During the same period, the company’s revenues reached AED 2,576 million, up 16% compared to AED 2,212 million in the previous year.
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.
Ghandour said that Aramex will continue to execute its long-term growth strategy in 2012, supported by a strong cash position.
While confident of the company’s potential for growth, Ghandour stated that uncertainty remains over the outlook for 2012 in light of the global economic slump, sluggish global trade and the continuing instability in the Middle East region. He added, “our performance for this year is expected to maintain this trajectory and we prefer to wait till the end of the first quarter to reassess our outlook for the rest of the year”.