E-commerce lifts Aramex profits

dubai — Dubai-listed logistics and transportation services provider Aramex on Wednesday said its net profit for the first nine-month of 2018 increased by 25 per cent to Dh339 million compared to Dh270 million in the prior year period, thanks to boom in global e-commerce and positive impact from digitisation and restructuring initiatives.

Revenue for the nine-month period ending September 30 also increased by 8 per cent to Dh3.661 billion compared to Dh3.397 billion in the corresponding period of 2017.

Its third-quarter 2018 net profit surged by 38 per cent to Dh113 million, compared to Dh82 million in Q3 2017. Revenue for the quarter rose by 8 per cent to Dh1.239 billion compared to Dh1.143 billion in Q3 2017.

“The boom in global e-commerce continues to fuel the growth of our top line, with our International Express business growing by an impressive 18 per cent for the period. Furthermore, our 38 per cent surge in net profit is a confirmation of the positive impact our strategic initiatives have been having since the beginning of this year,” said Bashar Obeid, CEO, Aramex. He pointed out that internal processes are running more efficiently.

“We continue to see the impact of operational changes and investments across the business quarter by quarter and are proud of the progress we have achieved. Investment in technology and digital transformation forms the cornerstone of our strategy, and we have focused heavily on these areas because we know that they are key to delivering our customers the transparency, visibility and flexibility that they demand,” said Iyad Kamal, COO, Aramex.

In Q3 2018, Aramex’s International Express segment witnessed strong double-digit growth, up by 18 per cent to Dh543 million compared to Q3 2017.