Aramex announces record profit growth in first quarter of 2014
Aramex (ARMX), the leading global logistics and transportation solutions provider, announced its financial results for the first quarter of 2014, recording a robust start to the year. Aramex’s Net Profits increased 14% to Dhs78.7m, up from Dhs69.3m in Q1 2013. Revenues in the first quarter of 2014 increased to Dhs852m, up 6% compared to Dhs803mn in Q1 2013.
The performance was driven by substantial growth in Aramex’s key geographies in the Middle East, sub-Saharan Africa and Asia and across its core businesses in express, logistics and freight.
Commenting on the results, Hussein Hachem, Aramex CEO, said: “We have started the year strongly. The first quarter of the year has built on our record performance in 2013, giving us a solid platform for the first half of the year. International express in particular achieved excellent growth, driven by increasing demand and revenues from regional and global e-commerce.”
“Despite recent concerns over growth prospects in emerging markets, our continued focus on delivering against strategy has enabled us to achieve record profits once again,” added Hachem. “We will continue to aggressively invest in our core markets. We will be actively pursuing acquisitions in sub-Saharan Africa and Asia, expand our oil and gas services in North and East Africa and will continue to build on our e-commerce proposition through the remainder of 2014. Given the healthy business growth and significant market opportunities, we remain bullish on our prospects through the rest of the year.”
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