Aramex Profits Jump AED 345 Million In 9 Months

Aramex, a provider of comprehensive transportation and logistics solutions, announced its financial results for the first nine months of the year with net profit up 2% to AED 9,344 million compared to AED 6,338 million for the same period in 2018.Net profit for the first nine months of the year It would have grown by 8% had it not been for the negative impact of the application of IFRS which led to a decrease in net profit by AED 3 21 million.

The results showed, Aramex third-quarter revenue grew by 2% to AED 1,270 million compared to AED 1,239 million in the same period in 2018. Revenues were adversely affected by the strategic restructuring of Aramex domestic operations in India and the exchange rate fluctuations of some currencies. Growth of 5% Despite the increase in the number of shipments within the international express services during the third quarter by 13%, revenue growth was less than expected due to lower margins of e-commerce activities due to pricing pressures and for the first nine months ended 30h Temper revenue which increased by 3% to 3.782 million dirhams, compared with 3.661 million during the same period last year

Net profit for the third quarter of 2019 increased by 1% to AED 8,113 million compared to 9,122 million in the same period last year due to lower profit margins and pricing pressures for delivery services for global e-commerce activities in addition to the application of the International Standard for Financial reports No. (16) for leases, which would not have been the company's net profit during the third quarter has increased by 7%

Bashar Obaid, CEO of Aramex, said: `` The number of e-commerce shipments handled by Aramex during the third quarter recorded strong growth rates despite the increasing pressure imposed by this vital sector on the prices of services provided and based on our expectation that profit margins will continue to decline during the next quarter. Our efforts to enhance the efficiency levels of our services and prioritize quality during the process of delivery of goods and improve costs in all our operations to enhance levels of flexibility in the performance of the company

Iyad Kamal, Chief Operating Officer, said: “During the third quarter, we invested in expanding our business and enhancing our operational capabilities to achieve our ultimate goal of reducing delivery times and improving our customer experience.