Aramex announced its 2Q-2010 results. Net profits witnessed an increase of 12.0%YoY in 3Q-2010 to AED47mn vs. AED42mn last year. The sales revenue also increased by 11.7% YoY to AED545mn in 3Q-2010. Net profit margin stood at 8.6% for 3Q-2010 vs. 8.5% last year. Cash balance continues to remain strong which stood at AED517mn as of September 30, 2010, and ideally supports its future expansion plans.
The company remains focused on its strategy of expanding into emerging markets in Africa, South Asia and Commonwealth of Independent States, and has recently acquired a majority stake of its franchisee operations in Bangladesh where it sees significant growth opportunities. On a cumulative basis, net profit increased by 10.6%YoY to AED149mn vs. AED135mn in 9M-2009. Net Margin though came down slightly to 9.1% from 9.4% in 9M-2009.
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