ARAMEX reports 84% increase in Q1 net profits

ARAMEX International has announced an exceptional 84% increase in net profits for the first quarter ending on March 31, 2005. The Company’s revenues increased approximately 22% to $50.7 million for the first quarter ending March 31, 2005, compared to $41.6 million for the first quarter ending March 31, 2004. Net income increased approximately 84% to $4.1 million for the first quarter of 2005 from $ 2.2 million for the first quarter of 2004. Operating income increased approximately 74% to $4.8 million for the first quarter 2005 compared to $2.3 million for the same period last year. Commenting on the results at a press conference in Dubai, ARAMEX CEO, Fadi Ghandour said: “This is one of the strongest quarters we have ever reported. These high levels of growth and profitability confirm our solid strategic advantages in the market, and this level of achievement is attributed to our dedicated and experienced ARAMEX people who are constantly outdoing themselves. I congratulate every single one of them on this great result.” “We are now heading into the next phase of our 23 year history with plans for major expansions, new acquisitions and joint ventures in new markets that will put the company on a yet a higher level.” he continued. Ghandour confirmed that ARAMEX is in the final stages of conducting due diligence on several possible large acquisitions. “These acquisitions will bolster our growth in 2005 and beyond. We are, at the same time, continuously strengthening our core businesses to ensure our dynamic expansion will remain on solid foundations, as it has always been for us.” “We couldn't be more pleased with the business and financial results we have achieved this quarter and in fiscal 2004," said Arif Naqvi, Chairman of the board of ARAMEX. "The increase in our net income is impressive and the demand for our services has accelerated, rapidly driving the growth in our revenues and earnings.” “As we look ahead into the future, we remain convinced that our business model of total transportation solutions positions us for continued growth and profitability. I’d like to personally thank our customers, and ARAMEX management and employees for making this quarter an exceptional one.” Naqvi concluded.