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H1 REVENUES HIT $580m

Aramex's overall net profits registered double-digit growth

Aramex reports $34m net profit for Q2

DUBAI, July 28, 2016

Aramex, a leading global provider of logistics and transportation solutions, has announced a net profit of Dh125.7 million ($34.22 million) in the second quarter of 2016, an increase of 36 per cent compared to Dh92.5 million ($25.18 million) during the same period last year.

Aramex's half year 2016 revenues increased year-on-year to Dh2.13 billion ($580.9 million), up 15 per cent compared to Dh1.85 billion ($505.2 million) for the corresponding period of 2015, said a statement from the company.

While net profits during the same period rose to Dh222.5 million ($60.57 million), up from Dh179.2 million ($48.79 million) in the first half of 2015, a year-on-year increase of 24 per cent, it said.

Overall net profits registered double-digit growth, impacted by a one-time fair value adjustment related to Aramex’s investment in AMC Logistics joint venture in Egypt amounting to Dh41.6 million ($11.33 million).

Hussein Hachem, CEO of Aramex, said: “We are pleased with our Q2 financial performance. Despite global economic uncertainty, continuing oil price volatility and currency fluctuations, our results for the quarter were strong.”

“However, though we finished strongly, we experienced slowing growth at the end of the quarter. We are closely watching this trend so we can quickly adjust to further volatility and remain cautiously optimistic about continuing our growth momentum into the second half of 2016,” he added.

Aramex’s strong revenue performance in Q2 was driven by growth across most of its geographies. Europe, Asia and Australia were the biggest contributors to growth, with the recent acquisition of Fastway Couriers contributing significantly to revenues. The wider Levant region also grew at a healthy rate while in the GCC we witnessed a relatively flat growth, said a statement.

Strong revenue growth was also recorded in Q2 from the International Express business, primarily in the US, Europe and Asia regions, due to a continued increase in demand for cross border e-commerce shopping services, it said.

Growth in the freight business remained relatively stagnant as a result of the drop in global oil prices and currency fluctuations, it stated.

Aramex remains confident about extending its growth momentum and performance into the remainder of 2016, it added. – TradeArabia News Service
 




Tags: | Aramex | Net Profit | Q2 |

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