Dubai –  Mubasher: The net profits attributable to equity holders of Aramex plunged by 30% to AED 161.796 million in the first six months of 2020 from AED 231.183 million in the year-ago period.

The Dubai-based company's revenues rose by 1% to AED 2.528 billion in the first half (H1) of 2020, compared to AED 2.512 billion in the same half of 2019, according to the company's unaudited consolidated interim financial results for the period ended on 30 June 2020.

The basic and diluted earnings per share (EPS) settled at AED 0.111 in H1-20, versus AED 0.158 in H1-19.

In the second quarter (Q2) of 2020, the company saw a 23% decrease in net profits to AED 94.4 million from AED 123 million in the corresponding quarter of 2019.

Lower net profits are attributed to the increase in unexpected costs amid the economic impact of the coronavirus (COVID-19) pandemic, including the challenges faced by cross-border operations.

The company's revenues recorded AED 1.332 billion in Q2-20, up 4% from AED 1.279 billion in the corresponding period of 2019, driven by increased online shopping during COVID-19 lockdowns.

Commenting on the company's performance, the CEO of Aramex, Bashar Obeid, said: "As a business, we are now operating in a higher cost environment which is adding pressure to our profitability margins."

Meanwhile, the acting Chief Operating Officer and Regional CEO for Aramex in Europe, North America, and Asia, Othman Aljeda, noted: "While we are starting to see a return to the pre-COVID operating environment in some markets, we remain vigilant in our approach and will remain focused on efficiently overcoming those operational challenges."

It is noteworthy to mention that in the first quarter (Q1) of 2020, the company's net profits decreased by 38% to AED 67.419 million, compared to AED 107.945 million in the year-ago period.