Aramex profits up 12%
Aramex’s net profits for the first quarter (Q1) of 2016 were up 12% on last year, at AED96.9m, while revenues were up 13% at AED1.048bn. In a statement sent to Post&Parcel today (25 April), the company said that it saw growth “across all its geographies”. The Domestic Express business reported particularly strong growth in the Asia-Pacific revenue, where Aramex’s results were boosted by the acquisition of Fastway Couriers.
Commenting on the results, Hussein Hachem, Aramex CEO said: “Despite global economic uncertainty, continuing oil price volatility and currency fluctuations, our performance in Q1 was very strong.
“Net profit growth could have been even stronger, up by 18%, had we not accounted for a one time acquisition cost of Fastway Couriers during the quarter.
“Revenue growth, primarily in international and domestic express, was driven by the continued expansion of our cross-border e-commerce business across key growth markets and contributed significantly to our good performance this quarter.
“Though we finished Q1 strongly, we experienced slower growth at the end of the quarter. We are closely watching this trend so we can quickly adjust to any volatility, and we’re cautiously optimistic about continuing our growth momentum further into 2016.”
Aramex said that it will also “continue to actively look for future acquisitions in key markets”, particularly in Asia where it sees “significant opportunities for business growth”, as well as in Africa where it is witnessing a steady growth particularly in Sub-Sahara Africa.
