Aramex, a leading global provider of logistics and transportation solutions, has reported a net profit of Dh72.2 million ($19.66 million) in the three months to September 30, down 3 per cent from Dh74.6 million ($20.31 million) in the same period last year.

Aramex’s Q3 revenues increased to Dh1.05 billion ($285.8 million), up by 15 per cent compared to Dh917 million ($249.6 million) in Q3 2015, said a statement from the company.

Adjusting to include results for the full nine month YTD period, revenues increased to Dh3.185 billion ($867.1 million), up by 15 per cent compared to Dh2.773 billion ($754.9 million) in the first nine months of 2015.

Additionally, net profits increased by 16 per cent to Dh294.8 million ($80.26 million) in the first nine months of 2016, up from Dh253.7 million ($69.07 million) during the same period last year.

Aramex’s strong revenue performance in the third quarter was driven by growth across most of its geographies, with the Asia-Pacific being a key contributor to this growth, added the statement.

Net Profit was impacted by the reduced number of working days due to public holidays, in addition to slower economic activity in the GCC region, it said.

Commenting on the results for the third quarter, Hussein Hachem, Aramex CEO, said: “Revenue growth was positive, with most geographies and business segments performing strongly.”

“Cross border e-commerce was the key driver of this growth and will continue to drive our company’s business strategy and expansion plans forward. Looking ahead, we are pursuing partnerships with innovative logistics and technology companies to further transform us into a leading technology enterprise, grow our e-commerce proposition and sustainably expand the business,” he said.

“While we remain confident in this approach, we are also cautious in our outlook due to global economic uncertainties,” he concluded. – TradeArabia News Service