Q3-2020 net profits fall 59% year-on-year to AED 46.2mn
Aramex recently announced its financial results for Q3-2020 ending 30 September 2020.
Aramex’s Q3-2020 revenues increased by 19% to AED 1.507mn, compared to AED 1.270mn in Q3-2019. Revenues for the nine-month period ending 30 September 2020 increased by 7% to AED 4.035mn, compared to AED 3.782mn in the corresponding period of 2019.
Net profit fell by 59% to AED 46.2mn in Q3-2020, compared to AED 113.8mn in the corresponding period of 2019. Net profits for the nine-month period decreased by 40% to AED 208mn compared to AED 344.94mn in the prior year period.
Excluding the provision, nine months net profit is AED 260.89mn, a 24% decline from AED 344.94mn made in the same period last year.
“We witnessed a very strong set of results over the three-month period, achieving the highest Q3 revenue on record supported by growth across most of our business lines. We also managed to capture new opportunities from other industries, namely healthcare and pharmaceutical as well as retail and food and beverage,” commented Bashar Obeid, CEO, Aramex.
“We experienced an exceptional 35% growth in total volumes over the period, with the majority of the contribution coming from our core markets including Saudi Arabia and UAE. Over the period we continued investing in our last mile infrastructure to support the strong growth in e-commerce activities,” remarked Othman Aljeda, Regional CEO, Aramex-Europe, North America and Asia.
