Aramex Q2 profit up 26% on restructuring

We continue to witness a boom in the global e-commerce market, and have been able to reap the benefits of that trend Bashar Obeid, CEO of Aramex

dubai — Aramex on Wednesday said its 2018 second-quarter net profit surged by 26 per cent to Dh122 million from Dh97 million in the same quarter last year due to the company’s restructuring efforts and rising popularity of e-commerce in the region.

In a statement, the Dubai-based provider of logistics and transportation solutions also reported a 20 per cent increase in first-half profit to Dh225.7 million as against Dh188.7 million in the same period of 2017.

It further said revenues rose seven per cent to Dh1.23 billion during the April-June 2018 quarter compared to Dh1.14 billion in the same quarter of last year. The first-half revenue reached Dh2.42 billion from Dh2.25 billion in the corresponding last year period, reflecting an increase of seven per cent. “We continue to witness a boom in the global e-commerce market, and have been able to reap the benefits of that trend by boosting our investments in lastmile delivery solutions while enhancing our service levels. We also had encouraging growth in our freight forwarding services, specifically from the oil and gas segment, which enjoyed a doubledigit growth this quarter,” Bashar Obeid, CEO of Aramex, said.

“Moving forward, we will continue to deliver on our digital transformation strategy. We are confident our efforts will reflect positively on our financial performance while enabling us to drive efficiencies and improve our processes by trimming costs and becoming leaner, which will ultimately enhance the customer experience and expand our bottom line,” he added.

Iyad Kamal, chief operating officer at Aramex, said the company has significantly improved its service levels and transit times both globally and regionally.

“We are very proud of the progress we have made this year in enhancing our service levels and efficiently meeting the last-mile capacity needs of our clients globally,” he said.

Commenting on Aramex’s outlook for the remainder of 2018, Obeid said: “We are on track to deliver strong results this year, as we continue to focus on strategic initiatives to transform our business into a technology-driven enterprise and uplift operational efficiencies.”