Dubai – Mubasher: Aramex on Wednesday posted robust results for the third quarter of 2018 and the first nine months of the year.

The UAE-based logistics services provider achieved AED 113 million ($30.77 million) in net profits in Q3-18, up 38% year-on-year from AED 82 million ($22.33 million).

Revenues increased 8% to AED 1.239 billion in Q3-18 from AED 1.143 billion in the same period of 2017, Aramex said in a filing to the Dubai Financial Market (DFM).

“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% for the period,” commented Aramex CEO Bashar Obeid.

As for the nine-month period ended 30 September 2018, Aramex’s profits grew 25% to AED 339 million from AED 270 million in the year-ago period.

Revenues also grew by 8% in the nine months to September to AED 3.661 billion from AED 3.397 billion in the corresponding period of 2017.

The 38% profit growth confirms the positive progress by Aramex’s strategic initiatives, which have been ongoing since the start of 2018, Obeid added, noting that the company’s internal processes have been 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,” the CEO stated.

Meanwhile, Aramex chief operating officer Iyad Kamal said that the company was “well-positioned to continue this growth momentum” and to ensure that its business is both diversified and efficient with a focus on “last-mile delivery.”

As for the company’s outlook, Obeid forecast that Aramex would conclude the year on “a solid footing” as it continues to focus on bolstering its end-to-end delivery and customer service through technology and digitisation investments.

In August, Aramex revealed that its Saudi subsidiary had signed a partnership agreement with Al-Dawaa Medical Services Co. (DMSCO) to enhance the Dubai-based firm’s presence in the kingdom. The first stage of the deal included the launch of service centres for Aramex within 20 of Al-Dawaa Pharamcies’ branches in Saudi Arabia.

Aramex previously posted AED 122 million in net profits in Q2-18, registering a rise of 26% year-on-year from AED 97 million.