The international express, mail delivery and logistics services company Aramex recently announced an increase of 25% in its fourth quarter profit. According to the company’s report Q4 profit reached $45 million (AED165m), up from $36m (AED 131.8m) as compared to the fourth quarter in 2016.
The revenues from the last quarter of 2017 rose by 14% from $315m (AED1,158m to $365m (AED1,324m) . the net annual profit of Aramex grew by two percent compared to the previous year, reaching $118.5m (AED435.4m), based on revenues of $1.3bn (AED4,721m), which rose 9 percent from the previous year.
Bashar Obeid, CEO of Aramex, commented saying, “Our strong results were mostly driven by the surge of cross-border e-commerce activities globally, which continue to fuel the growth of our International Express business. While being excited about the growth potential of global e-commerce business, we have witnessed an exceptional growth of Express volumes in Q4, which highlighted a need to boost investments in last-mile capacity solutions across all our key markets.”
While the e-commerce “boom” is likely to further boost the company’s operations in 2018, Obeid said Aramex has to “remain cautious about the changing competitive environment that requires highest levels of efficiencies and operational effectiveness in meeting customers’ expectations”.
“We will be focusing on key strategic initiatives in 2018 aiming at transforming our business into a technology-driven enterprise and enhancing our operational efficiencies through various cost restructuring programmes,” he added.
However the logistics firm did not that the net annual revenues were impacted by currency fluctuations, mainly in Egyptian Pound, while its profit growth was impacted by the one-time fair value adjustment related to Aramex’s investment in AMC Logistics joint venture in Egypt in Q2 2016. Had these fluctuations not taken place the net profit would likely have been up by 13%.
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