Aramex third-quarter profit 3 per cent lower to Dh72.2m

Aramex profit slipped 3 per cent during the third quarter, attributable to a slowdown economic activity in the Arabian Gulf and a large number of public holidays during the period.

The logistics firm said it was confident in its strategy to transform itself into a leading technology enterprise, but remained cautious in its outlook due to global economic uncertainties.

Aramex said on Monday that net income for the three months to the end of September reached Dh72.2 million, compared with Dh74.6m during the same period last year.

Revenues grew 15 per cent to Dh917m during the quarter, thanks to growth in the Asia-Pacific region.

“Looking ahead, we are pursuing partnerships with innovative logistics and technology companies to further transform Aramex into a leading technology enterprise, grow our e-commerce proposition and sustainably expand the business,” said Aramex chief executive Hussein Hachem.

“While we remain confident in this approach, we are also cautious in our outlook due to global economic uncertainties.”

The third quarter saw Australia Post acquire a 4.5 per cent stake in Aramex in August for around A$100m.

Aramex also signed a partnership with Dubai-based NewBridge Pharmaceuticals in August to provide a range of logistics services across the Middle East, Africa, Canada and the UK.

The company announced in September it had sold its stake in Australia’s MailCall Couriers for US$32.85m.

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