E-commerce leads Aramex profit growth
06 / 11 / 2017
Middle East based forwarder Aramex said its net profits had increased by 13% in the third quarter of 2017 to AED 81.6m, up from AED 72.2m in 2016.
Revenues in the third quarter, ending September 30, also increased 9% to AED 1,144m, compared to last year’s AED 1,050m. Were it not for currency fluctuations, especially the Egyptian Pound, revenues would have grown at around 11%, said Aramex.
International and domestic express services continue to drive the company’s performance, on the back of growth in e-commerce, but freight services also saw a rebound. Aramex said it expected this trend to continue for the rest of the year.
Chief executive, Hussein Hachem, said: “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.”
He added that Aramex would continue to focus on expanding its our e-commerce services “and expand global operations through strategic partnerships with innovative logistics and technology companies”.