Aramex (ARMX) preliminary financial results and press release on DFM website this morning (although press release is dated yesterday - see next post). Will update this post with summary later.
DFM 12 February 2009 (am):
(ARMX) Aramex: Announces its preliminary financial results for 2008
(ARMX) Aramex: Press release regarding its financial results for 2008
Dubai, United Arab Emirates: Global logistics solutions provider Aramex (ARMX) today released its financial results for 2008. For the year ending December 31, 2008, Aramex revenues grew from AED 1,784 billion to AED 2,080 billion, an increase of 17% compared to 2007. Net profits increased by 21% over the same period, from AED 121.5 million to AED 147.3 million.
Net profits for the fourth quarter of 2008 went up by 21% to AED 38.8 million, from AED 32.1 million for the same period in 2007, mainly driven by the significant improvement in margins of Aramex’s key products. Revenues for the period increased to AED 500.5 million compared to AED 495.0 million for the fourth quarter of 2007.
The growth in revenues in the fourth quarter was impacted by the lower number of working days due to an increase in the number of holidays in the Middle East and flat to negative growth in revenues in European and North American markets.
“2008 was a good year; we were able to maintain our revenue growth and profit margins at a very healthy level, a result of a very serious effort to control the upward spiraling costs in the first 9 months of the year,” commented Fadi Ghandour, founder and CEO of Aramex.
“Our fourth quarter revenues have slowed to a halt, a result of the global financial crisis, with December showing the most weakness, because of the holiday season and of the global economic slow-down.
“We have a very healthy balance sheet with little debt, and we intend to keep it that way in 2009. Meaning: We will only embark upon new acquisitions if the value is very attractive in key strategic markets,” concluded Ghandour.
It is worth mentioning that Aramex has recently acquired the UAE’s Metrofile Middle East, which consolidates its position as the premier records management company in the UAE and the Mena region under Infofort.
seems the results are good for aramex . to be able to make a profit growth in this circumstances is a positive sign . we will wait to see the income statement to draw a full image and whether the company is a worthy investment or not .
Both AA and ARMX shares were going down with no reason , and i think we will see another Bigger surprize from AA. Just look at share movements last few days.
Joined: 19 Aug 2005 Posts: 13383 Location: up the wadi without a paddle
Posted on Sat 21 Feb 2009 18:46 by sharewadi
Thanks limitup .
First post updated again (previous time was missing % changes for balance sheet items, and there was a problem with my sorting of the dividends, all other figures should be unchanged). _________________ UAE IPO list | posting guidelines
(ARMX) Aramex: Announces the results of its BOD meeting held on 25/02/2009 including the date of its AGM & EGM to be held on 04/04/2009 & proposed distributed
The DFM information appears to conflict with the information supplied by Aramex (ARMX). In both the Arabic and English version of the disclosure, I'm sure the AGM date is given as 07 April 2009, not 04 April 2009 . I've assumed the Aramex date is the one to use for the DFM AGM dates
Aramex 26 February 2009:
To hold the Ordinary and Extraordinary Annual General Meetings on Tuesday, April 7, 2009 subject to ESCA's approval on the date and the agenda of the AGM and EGM;
...
The Board of Directors decided to recommend the distribution of 10% bonus shares to shareholders for the year ended December 31, 2008.
Best regards,
Ashraf Shakaa
Public and Investor Relations Manager
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. I've assumed the Aramex date is the one to use for the 