Dubai - Mubasher: The net profits of Dubai-based Aramex decreased by 38% to AED 67.419 million during the first three months of 2020, compared to AED 107.945 million in the year-ago period.

The company's revenues dropped by 3% to AED 1.196 million in the first quarter of 2020 from AED 1.234 million in the Q1 of 2019, according to a press release on Thursday.

The earnings per share (EPS) attributed to the equity holders of the parent company stood at AED 0.046 in the Q1-20 from AED 0.074 in the same quarter of 2019.

Commenting on the company's performance, the CEO of Aramex, Bashar Obeid, said: "Just like all businesses around the world, the onslaught of the COVID-19 pandemic is challenging our operations, business model and financial standing."

Obeid added: "Over the period, International Express and Freight Forwarding were negatively impacted. The general softening in demand for goods, and more complicated and costly shipment routes have impacted our volumes and profit margins in those service lines."

Noteworthy to highlight, in 2019, the company's net profits increased by 1% to AED 497.4 million from AED 492.6 million in 2018.