Dubai – Mubasher: Dubai-based courier Aramex posted a 4% year-on-year increase in profits for the first quarter of 2019.
Net profits stood at AED 108 million in Q1-19, from AED 103 million in Q1-18, according to the company’s statement on Wednesday.
The UAE’s logistics firm noted that its net profit was negatively impacted by the amount of AED 10.6 million due to the implementation of IFRS16 and currency fluctuations.
Aramex’s revenues jumped 4% to AED 1.23 billion by the end of March, versus AED 1.19 billion in the same period of the prior year.
“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,” Bashar Obeid, CEO of Aramex, said.
He added that the international logistics and transportation company will continue to invest in upgrading our service level across all our core markets while progressing aggressively in executing our digital transformation roadmap.
“Our Integrated Logistics and Supply Chain Management business had a great quarter, thanks to our efforts to mobilise assets and resources to capitalise on the increase in demand for those services, especially from regional retailers aiming to boost their online sales,” Obeid noted.
Aramex’s operating expenses advanced by 8% in Q1-19, following the expansion of our infrastructure in key markets like Saudi Arabia.
It is worth mentioning that Aramex reported a 13% year-on-year profit hike in the full-year 2018, registering AED 492.6 million.
