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Wed 31 Oct 2018 02:20 PM

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Dubai's Aramex posts 38% jump in Q3 net profit

Aramex, a provider of logistics and transportation solutions, says its third quarter net profit surged to more than $30m

Dubai's Aramex posts 38% jump in Q3 net profit
Bashar Obeid, CEO of Aramex.

Dubai-based Aramex, the global provider of logistics and transportation solutions, on Wednesday said its third quarter net profit surged by 38 percent to AED 113 million ($30.7 million).

The company said net profit for the nine-month period ending September 30 also increased by 25 percent to AED339 million compared to the prior year period.

Revenue for the quarter rose by 8 percent to AED1.2 billion, while revenue for the nine-month period rose by 8 percent to AED3.6 billion, it said in a statement.

Bashar Obeid, CEO of Aramex, said: “We are thrilled to record another strong set of results this quarter. 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 percent for the period.

"Furthermore, our 38 percent surge in net profit is a confirmation of the positive impact our strategic initiatives have been having since the beginning of this year. Today, our internal processes are running more efficiently, operationally we have become leaner, and we have upgraded our service level to our customers.

"Ultimately, this has helped create efficiencies, improved our cost management, thus supporting the expansion in our bottom line.”

Iyad Kamal, chief operating officer at Aramex, added: “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.”

Commenting on Aramex’s outlook for the remainder of 2018, Obeid said: “We expect to end the year on a solid footing. As such, we will continue to focus on enhancing end-to-end delivery and further improving customer service through investments in technology and digitization.

"I am also very optimistic about the growth in the global e-commerce business and will continue to focus efforts on optimal means to capture those rising and evolving opportunities.”

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