Jordan’s Aramex, a express package delivery and forwarding company, mostly within the Middle East and the Indian subcontinent, posted a net profit increase of four per cent year on year to AED211.5 million (US$57.5 million) in 2011, drawn on revenues of AED2.5 billion, a 16 per cent increase compared to 2010.
Aramex’s founder and CEO Fadi Ghandour attributed growth to robust economic growth in the Gulf Cooperation Council (GCC) countries, particularly in Saudi Arabia and the UAE. But net profit painted a different picture of modest growth down to increased overheads, higher fuel prices and political instability in the region.
“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”, he said.
During the year the logistics and freight provider acquired Berco Express in South Africa, OneWorld Courier and In-Time Couriers in Kenya, the Ireland-based Aquaship Agencies, and the joint venture with SinoAir in China, noted the UK’s Transport Intelligence. It also has invested in its greenfield operations in Africa in the third quarter.
The company is confident of the potential growth but is uncertain of its prospects, said Mr Ghandour, adding that its “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”.
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