Dubai, United Arab Emirates-based express carrier and third-party logistics provider Aramex posted net earnings of 91.8 million Emirati dirham (U.S. $25 million) on AED 1.1 billion in revenues for the first quarter of 2017.
Aramex saw first quarter 2017 net profits slip 8.9 percent to 91.8 million Emirati dirham (U.S. $25 million) compared with the same 2016 period, according to the company’s most recent financial statements.
The Dubai, United Arab Emirates-based express carrier and third-party logistics provider posted earnings per share (EPS) of AED 0.06 for the quarter compared with AED 0.07 per share the previous year despite revenues jumping 7.4 percent year-over-year to AED 1.1 billion.
Aramex noted that excluding certain provisions related to the company’s revamped compensation plan, adjusted profits from continuing operations grew 5.3 percent to AED 107.9 million.
The company attributed the increase in revenues primarily to growth across the Asia Pacific region and double-digit growth in international express, driven by strong performance in cross-border e-commerce.
“Despite global and regional economic uncertainty as well as currency fluctuations, our revenue growth was positive and in line with our expectations,” Aramex CEO Hussein Hachem said of the results. “International Express was the key driver of growth in Q1 and will continue to drive Aramex’s business strategy and expansion plans. While we are cautious with regards to the GCC outlook, we are confident about carrying the same positive momentum into the second quarter of 2017.
“Looking further ahead, we will continue to enhance our business model through innovative technologies, with the aim to become a technology-based enterprise and maintain our position as a dynamic and disruptive global logistics player,” he said, adding that the company will also continue to seek out potential acquisitions and strategic partnerships in an effort to grow its global footprint.
Aramex sees Q1 profits slip despite 7% revenue growth
