Aramex revenues grow while profit falls in Q3
Aramex has announced its financial results for the last three month (Q3) and nine month (YTD) periods ending 30 September 2016.
Aramex’s Q3 Revenues increased to AED 1,050 million, up by 15% compared to AED 917 million in Q3 2015. Net Profits decreased by 3% to AED 72.2 million, down from AED 74.6 million in Q3 2015.
Adjusting to include results for the full nine month YTD period, Revenues increased to AED 3,185 million, up by 15% compared to AED 2,773 million in the first nine months of 2015. Net Profits increased by 16% to AED 294.8 million, up from AED 253.7 million during the same period last year.
Aramex’s strong revenue performance in the third quarter was driven by growth across most of its geographies, with Asia-Pacific being a key contributor to this growth. Net Profit was impacted by the reduced number of working days due to public holidays, in addition to slower economic activity in the GCC region.
Commenting on the results for the third quarter, Hussein Hachem, Aramex CEO said: “Revenue growth was positive, with most geographies and business segments performing strongly. Cross border e-commerce was the key driver of this growth and will continue to drive Aramex’s business strategy and expansion plans forward.”
“Looking ahead, we are pursuing partnerships with innovative logistics and technology companies to further transform Aramex into a leading technology enterprise, grow our e-commerce proposition and sustainably expand the business. While we remain confident in this approach, we are also cautious in our outlook due to global economic uncertainties,” he added.