Q1-2019 revenues increased by 4% to AED 1,234mn compared to Q1-2018
Aramex recently announces its financial results for first quarter ended 31 March 2019.
Aramex’s Q1 2019 Revenues grew by 4% to AED 1,234 million, compared to AED 1,190 million in Q1-2018.
Net Profit for the quarter rose by 4% to reach AED 108 million, compared to AED 103 million in Q1 2018. Net profit was negatively impacted by the amount of AED 10.6 million due to the implementation of IFRS16 and currency fluctuations.
“We continue to benefit from the healthy growth in global e-commerce volumes; however, we have started witnessing pressure on International Express margins due to lower and more competitive pricing,” commented Bashar Obeid, CEO, Aramex.
“In Q1-2019, we continued to improve operating efficiencies and accelerated our digital transformation efforts in order to enhance service levels, especially in the last-mile delivery. These initiatives will help us win in the long-term, as we will be able to handle more capacity more efficiently and at a lower cost,” noted Iyad Kamal, COO, Aramex.
Aramex’s cross-border International Express business grew by 7% to AED 533 million. This performance is mainly attributed to the continuous growth in cross-border e-commerce, which registered double-digit growth across most of Aramex’s markets, mainly Turkey, Asia and North America. Shipment volumes surged by 22% in Q1-2019, yet lower margins prevailed.
