Dubai – Mubasher: The net profits attributable to the equity holders of Aramex plunged by 59% to AED 46.2 million during the third quarter (Q3) of 2020 from AED 113.8 million in the same quarter of 2019.
The company would have achieved AED 99.1 million net profits in Q3-20, down by only 13% year-on-year (YoY), if the nonrecurring provision had been excluded, according to the company's unaudited consolidated financial results for the period ended on 30 September 2020.
Meanwhile, the company has generated revenues of AED 1.51 billion in the July-September period of 2020, up 19% from AED 1.27 billion during the corresponding period of 2019.
The basic and diluted earnings per share (EPS) settled at AED 0.032 in Q3-20, versus AED 0.078 in Q3-19.
During the first nine months of 2020, the company saw a 40% decline in net profits to AED 208 million from AED 344.94 million in the prior-year period.
Commenting on the company's performance, the CEO of Aramex, Bashar Obeid, said: "COVID-19 has accelerated growth in the e-commerce industry, which remains the dominant driver of our top-line growth. We also managed to capture new opportunities from other industries."
Meanwhile, the regional CEO for Aramex in Europe, North America, and Asia, Othman Aljeda, commented: "We experienced an exceptional 35% growth in total volumes over the period, with the majority of the contribution coming from our core markets including Saudi Arabia and UAE."
It is noteworthy to mention that in the first half (H1) of 2020, the company's net profits retreated by 30% to AED 161.796 million from AED 231.183 million in the year-ago period.
