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Aramex profits rise 13% in Q3, vows new technologies

Aramex profits rise 13% in Q3, vows new technologies
Revenues grew by 9% to AED 1.144 billion in Q3-17
Aramex
ARMX
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Dubai – Mubasher: Aramex on Sunday announced achieving a 13% year-on-year increase in net profit in the third quarter of 2017 on the back of cross-border e-commerce growth.

Aramex achieved AED 81.6 million ($22.23 million) in Q3-17, a rise from AED 72.2 million ($19.66 million) in the corresponding period of 2016, the company announced in a bourse statement.

Meanwhile, revenues grew by 9% to AED 1.144 billion from AED 1.050 billion in Q3-16.

“Excluding global currency fluctuations, especially the Egyptian Pound, Q3-17 revenues would have registered double-digit growth of 11%,” the Dubai-listed logistics company revealed.

Over the course Q3-17, revenues and net profits enjoyed health growth, Hussein Hachem, CEO of Aramex, said indicating solid performance from all of Aramex’s geographies and business segments.

“[Aramex] also continued to witness strong cross-border e-commerce growth across key markets, especially in Asia and Asia-Pacific,” the CEO revealed.

Aramex’s International and Domestic Express services have continued to drive the company’s positive financial performance, the logistics service provider said, indicating that its freight services had rebounded in the period between July and September, forecasting that the positive trend would continue till the end of 2017.

In its attempt to become a technology-based enterprise, Aramex highlighted that it would carry on with its “new, innovative technologies” in order to support its transition and pursue strategic partnerships to further enhance its products and services.”

Aramex said that such steps will be a key priority in 2017 and well into 2018.

“Moving forward, we will continue to focus on growing our e-commerce proposition and expand global operations through strategic partnerships with innovative logistics and technology companies…We remain committed to keeping the momentum as we move forward for the remainder of 2017,” Hachem concluded.