Aramex quarterly net profit surges 177%

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Revenue at Dubai-listed logistics company Aramex grew 18 percent year on year to AED1.6 billion ($436 million), driven by consistent volume gains across all product lines.

The GCC region was the largest contributor, adding 21 percent year on year to revenue and accounting for 41 percent of the total revenues.

The Middle East, North Africa and Turkey top line grew 33 percent year on year, while Oceania improved both revenue and profitability as part of the ongoing turnaround plan.

Aramex’s product lines achieved double-digit revenue growth in the third quarter, led by domestic express at 27 percent, followed by freight forwarding at 22 percent.

Revenue growth was attributed to substantial volume growth, including a 34 percent increase in international express and 18 percent in domestic express.

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Quarterly net profit grew 177 percent year on year to AED27 million. The nine-month bottom line reached AED76 million, a 45 percent increase year on year, while revenue gained 13 percent annually to AED1.2 billion.  

“We made good progress this quarter and we see our recovery story advancing,” said Othman Aljeda, CEO of Aramex.

He said investments provide Aramex with a competitive edge in the new market environment.

“Looking ahead, we are on track to meet our year-end targets and sustain our growth trajectory,” Aljeda said.