Logistics company announces a 7% fall in net profit for the fourth quarter of 2018 due to a one-one impairment payment
Dubai-based logistics company Aramex on Tuesday announced a 7 percent fall in net profit for the fourth quarter of 2018 due to a one-one impairment payment.
The company said that excluding the one-off impairment of AED46 million from the divestment of Aramex Global Solutions during the quarter, net profit would have risen by 21 percent to AED199.7 million.
Aramex said its Q4 revenue grew by 8 percent to AED1.425 billion.
Full year revenue increased by 8 percent to AED5.086 billion, while net profit increased by 13 percent to AED492.6 million, it added.
As part of Aramex’s strategy to independently tap into the growth of global e-commerce markets, the company announced its divestment of its full 60 percent stake in Aramex Global Solutions to Australia Post in Q4.
Bashar Obeid, CEO of Aramex, said: “We are very pleased to report one of Aramex’s most profitable years. Our 2018 financial results reflect the success to date of our digital transformation efforts and the strong growth experienced across all verticals, particularly within our International Express business, which has been well positioned to benefit from the global boom in e-commerce.
"Throughout 2018 we continued to invest in creating a leaner, more efficient business and transforming our overall operations. This work has paid off and ultimately expanded both our top and bottom line while significantly upgrading our service level to our customers.”
Commenting on Aramex’s outlook for 2019, Obeid added: “We will remain focused on implementing a lean and efficient business model, enabling Aramex to remain resilient against global geo-economic challenges. We will also remain open to unlocking opportunities in new sectors and geographies, particularly in specialized industry verticals where we see strong demand, to further enable B2B growth.
“We are well positioned to benefit from the ongoing growth of the global e-commerce industry and will continue to ensure that the business remains diversified and efficiently operated, with a strong focus on improving last-mile delivery.”