Benefiting from the consumer trend towards online shopping and the post-coronavirus recovery in global business activity, Aramex’s revenues have increased by 14 percent year-on-year (YoY) for the first nine months of the year, reaching AED4.6 billion ($1.26bn), up from AED3.9bn ($1.06bn) in the same period last year.
Growth in all service lines, in both the courier business and logistics and freight-forwarding business, is what contributed to this rise in revenues, according to a statement from the company on Sunday.
At the same time, however, net profit decreased by 14 percent for the same period in 2021, falling to AED179m ($48.7m) from AED208m ($56.6m) for the corresponding time in 2020.
“Over the last few months, we have witnessed an almost complete return to pre-Covid operating environment and are noticing a few trends that we believe will continue to shape the future of our business and drive our growth strategy,” said Othman Aljeda, CEO, Aramex.
“Our courier business is seeing a surge in domestic express volumes driven by a significant increase in the number of retailers opting to tap into online sales channels. Notably, we are seeing very strong growth for our business in Saudi Arabia, where we have been and will continue to invest in ramping up our operations. We are also seeing increased competition in the last-mile, across all our geographies, especially from relatively smaller players in the market,” he continued.
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