Q3-2019 net profit rose 1% to AED 113.8mn
Aramex’s Q3-2019 Revenues grew by 2% to AED 1,270mn, compared to AED 1,239mn in the corresponding period a year ago. Revenues for the nine-month period ending 30 September 2019 increased by 3% to AED 3,782mn, compared to AED 3,661mn in the corresponding period of 2018.
Net profit registered a 1% increase in Q3-2019 to AED 113.8mn, compared to AED 112.9mn in Q3-2018, due to tighter yields and pricing pressure from the cross-border e-commerce business.
“We are pleased to see strong growth in Aramex’s e-commerce volumes despite pricing pressure witnessed across the e-commerce industry. As we expect the low-margin environment to continue over the next quarter, we will remain focused on improving service levels on the ground to prioritize quality across the delivery journey; and optimizing costs throughout the business to build further resilience,” stated Bashar Obeid, CEO, Aramex.
“This quarter, we embarked on setting up three new facilities in Saudi Arabia in response to increasing shipment volumes into and within the country. We also did a major upgrade in an advanced automation system at our facility in New York to streamline sorting, processing and shipment transit times from North America to the region, which is a growth lane for us,” remarked Iyad Kamal, COO, Aramex.
