Dubai – Mubasher: Aramex on Thursday reported a 13% year-on-year increase in net profits during the first quarter of 2018.
The Dubai-based courier posted a net profit of AED 103.4 million in the three-month period ended March 2018, compared to AED 91.8 million during Q1-17, according to a statement to the Dubai Financial Market (DFM).
Aramex attributed the growth in its first-quarter net profits to a continued improvement in global e-commerce activities.
The large international provider of comprehensive logistics and transportation solutions generated a revenue of AED 1.1 billion in Q1-18 with an 8% increase, compared to the year-ago period.
“We had a good start in Q1-18, launching several strategic initiatives to support future growth and enhancing our operational efficiencies, expanding last mile capacity and accelerating our digital transformation journey,” CEO Bashar Obeid said.
Over the course of the first three months of 2018, Aramex continued to focus on creating customer-centric business model, in addition to implementing more expansions via upgrading tools of technology, Iyad Kamal, chief operating officer stated.
The firm’s international express business levelled up 10% to AED 500 million in Q1-18 after a major growth occurred in cross-border e-commerce in various regions, especially in the GCC and Europe.
The DFM-listed company’s freight forwarding rose 3% to AED 284 million, the statement showed.
Obeid has said that he expects "stronger contribution from ecommerce activities to [its] domestic express services in the future as major e-Tailers are establishing fulfillment centers in our core markets."
He added that this year the company will focus on "accelerating the digital transformation, boosting operational efficiencies and enhancing our B2B and FreightForwarding capabilities across the network".
