Logistics News

Aramex net profit surges 38% in third quarter

Kasun Illankoon November 1, 2018

Aramax, leading global provider of comprehensive logistics and transportation solutions, announced its financial results for the third quarter ended 30^th September 2018.

Aramex’s quarter three 2018 net profit surged by 38% to AED 113 million, compared to AED 82 million in Q3 2017. Net profit for the nine-month period ending September 30^th, increased by 25% to AED 339 million compared to AED 270 million in the prior year period.

Revenue for the quarter rose by 8% to AED 1,239 million, compared to AED 1,143 million in Q3 2017. Revenue for the nine-month period ending September 30^th also increased by 8% to AED 3,661 million, compared to AED 3,397 million in the corresponding period of 2017.

Commenting on the results, Bashar Obeid, Chief Executive Officer of Aramex, said: “We are thrilled to record another strong set of results this quarter. Today, our internal processes are 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.”

Iyad Kamal, Chief Operating Officer at Aramex, added: “We continue to see the impact of operational changes and investments across the business quarter by quarter and are proud of the progress we have achieved. Investment in technology and digital transformation forms the cornerstone of our strategy, and we have focused heavily on these areas because we know that they are key to delivering our customers the transparency, visibility and flexibility that they demand.”

“We are well positioned to continue this growth momentum and continue to ensure that the business remains diversified and efficiently operated, with a strong focus on improving last-mile delivery.”

The company expects to end the year strongly, “We will continue to focus on enhancing end-to-end delivery and further improving customer service through investments in technology and digitization,” said Bashar Obeid.