Aramex reports double-digit Q4 growth
Aramex has reported that it saw double-digit growth in the fourth quarter (Q4) of 2017, with revenues increasing by 14% to AED1,324m.
Net profits for the quarter were up 25% on last year at AED165m.
Full year revenues were up 9% at AED4,721m, and net profit was up 2%, at AED435.4m. In a statement sent to Post&Parcel today (12 February), Aramex said: “Net Profit growth in 2017 was impacted by the one-time fair value adjustment related to Aramex’s investment in AMC Logistics joint venture in Egypt in Q2 2016. Excluding this adjustment, Net Profits would have grown by 13% in 2017.”
Commenting on the results, Bashar Obeid, Chief Executive Officer of Aramex, said: “We are pleased to report robust performance in 2017. Our strong results were mostly driven by the surge of cross-border e-commerce activities globally, which continue to fuel the growth of our International Express business. While being excited about the growth potential of global e-commerce business, we have witnessed an exceptional growth of Express volumes in Q4, which highlighted a need to boost investments in last-mile capacity solutions across all our key markets.”
Obeid also gave a positive outline for 2018: “Commenting on Aramex’s outlook for 2018, Bashar Obeid said: “We are very confident about the growth potential in 2018 amid the continuous boom in e-commerce activities globally, yet we have to remain cautious about the changing competitive environment that requires highest levels of efficiencies and operational effectiveness in meeting customers’ expectations. We will be focusing on key strategic initiatives in 2018 aiming at transforming our business into a technology-driven enterprise and enhancing our operational efficiencies through various cost restructuring programs.
“In addition to the solid growth in Express revenues, I am delighted that our Freight-Forwarding services, mostly driven by Oil and Gas activities, started to pick up in the fourth quarter, providing us with great business potential. We are extremely positive about the growth signs of these services and will be expanding our investments in technology and talent to accelerate the growth of Supply Chain and Freight-Forwarding services in various market segments and across all our markets.”