Aramex (DFM: ARMX) today announced that for the second quarter ending June 30, 2008, revenues rose from AED 437.5 million to AED 539.3 million, resulting in double-digit growth of 23% over the same period in 2007. Second quarter net profits climbed 15% to AED 38.4 million, compared to AED 33.5 million for the same period in 2007. 
Overall, net profits for the first half of 2008 climbed by 18% to AED 74.6 million from AED 63.4 million for the first half of 2007. Revenues for the first six months of 2008 also registered 23% growth, climbing to AED 1033.7 million, from AED 837.0 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 41% in the second quarter 2008 compared to 39% 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.
© 2008 Al Bawaba (www.albawaba.com)
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