Aramex announces Q2 revenues of $146.8 mn
Global logistics provider Aramex announces that its revenues grow from $119.1 million to $146.8 million in the second quarter of 2008.business Updated: Aug 04, 2008 12:17 IST
Global logistics provider Aramex has announced that its revenues grew from 437.5 million dirhams ($119.1 million) to 539.3 million dirhams ($146.8 million) in the second quarter of 2008, which ended June 30, a rise of 23 percent compared to the same period last year.
Second quarter net profits climbed 15 percent to 38.4 million dirhams ($10.4 million), compared to 33.5 million dirhams ($9.1 million) for the same period in 2007.
"Our growth potential is positive, particularly in our core Middle East market, where we are benefiting from the unprecedented economic boom," Fadi Ghandour, founder and chief executive of the Dubai-based logistics major, said in a statement.
"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," he added.
Overall, net profits for the first half of 2008 climbed by 18 percent to 74.6 million dirhams ($20.3 million) from 63.4 million dirhams ($17.2 million) for the first half of 2007.
Revenues for the first six months of 2008 also registered a 23 percent growth, climbing to 1.03 billion dirhams ($280.3 million), from 837 million dirhams ($227.8 million) for the same period in 2007, according to the statement.
However, because of spiralling global oil prices and escalating operating and overhead costs, Aramex's total overhead as a percentage of revenues increased to 41 percent in the second quarter of 2008 compared to 39 percent 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," Ghandour said.
The first half of 2008 saw Aramex launching a number of sustainability-related projects, including the introduction of hybrid cars in its ground fleet, and the adoption of eco-friendly packages across all operations, according to the statement.