Aramex posts 13 per cent growth in net profit

Business Sunday 05/November/2017 10:21 AM
By: Times News Service
Aramex posts 13 per cent growth in net profit

Muscat: Aramex has achieved a 13 per cent growth in net profit for the third quarter of 2017 at 81.6 million dirhams, up from 72.2 million dirhams for the same period of last year.
Revenues in the third quarter have also increased to 1,144 million dirhams, up by 9 per cent compared to last year’s 1,050 million dirhams. Excluding global currency fluctuations, especially the Egyptian pound, third quarter revenue would have registered double-digit growth of 11 per cent.
“We are pleased to report strong results in third quarter with healthy growth rates in revenues and net Profits. All our geographies and business segments performed very well in the last three months. We also continued to witness strong cross-border e-commerce growth across key markets, especially in Asia and Asia-Pacific,” said Hussein Hachem, chief executive officer of Aramex.
With e-Commerce activities continuing to grow globally, Aramex’s International and Domestic Express services continue to drive the company’s positive financial performance. In addition, freight services saw a rebound in the third quarter of 2017 with expectations for this trend to continue for the rest of the year.
“Moving forward, we will continue to focus on growing our e-commerce proposition and expand global operations through strategic partnerships with innovative logistics and technology companies. Our most recent financial results and strong growth levels are a testament to this approach. We remain committed to keeping the momentum as we move forward for the remainder of 2017,” added Hachem.
Aramex is heavily focused on becoming a technology-based enterprise. It will continue to implement new, innovative technologies to support this transition and pursue strategic partnerships to further enhance its products and services. This will remain to be a key priority for 2017 and into 2018.