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FINANCIAL NEWS
Aramex Q4 profits up 11%
05 Feb 2011
(MENAFN) Aramex, the logistics provider, stated that net profit in fourth quarter increased by eleven percent compared to the same quarter in the previous year, and thus profits exceeded forecasts as net profit amounted to $15 million, reported Gulf News.
The UAE-based company that Net profit increased by eleven percent as well for the whole of 2010, year on year, amounting to $55.5 million. The company also witnessed a ten percent increase in revenues in the fourth quarter amounting to $157.9 million.
By the beginning of 2011, the company stated that its cash balance amounted to $151 million saying that with such a balance as well as low debts, more strategic development is possible in the near future.
The company’s CEO said that with market recovery from the global financial crisis, he expects more growth for the company in 2011.
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