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Aramex logs AED 492m profit in 2018

Aramex logs AED 492m profit in 2018
The company’s net profits plunged 7% to AED 154 million in Q4-18
Aramex
ARMX
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Dubai – Mubasher: UAE-based courier firm Aramex on Tuesday posted an 8% year-on-year increase in revenues for the fourth quarter of 2018.

Revenues of the leading global provider of comprehensive logistics and transportation solutions recorded AED 1.4 billion ($380 million) in Q4-18, compared to AED 1.3 billion ($350 million) in Q4-17, according to the company’s statement.

The company’s net profits plunged 7% to AED 154 million in Q4-18, against AED 165 million in the same period of the previous year.

For the full-year 2018, the firm reported a 13% year-on-year profit hike, registering AED 492.6 million, while revenues jumped 8% to AED 5.08 billion.

“Excluding the one-off impairment of AED 46 million from the divestment of Aramex Global Solutions (AGS) during the quarter, net profit would have risen by 21% to AED 199.7 million,” the company said in a statement.

In mid- December 2018, Aramex announced the divestment of its full 60% stake in “Aramex Global Solutions (AGS)” to Australia Post.

“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,” Bashar Obeid, CEO of Aramex, commented.

Iyad Kamal, chief operating officer at Aramex, noted that the company will be focusing on operations optimisation during 2019 by introducing new operational methods and processes that will further prop up its service levels throughout all key verticals.