Abu Dhabi: Aramex, the Dubai-listed logistics company, reported on Monday a three per cent decline in net profit to Dh72.2 million in the third quarter of 2016, down from Dh74.6 million in the same quarter last year.
The figure brings net profit for the first nine months of this year to Dh294.8 million, marking a 16 per cent increase over the same period last year.
Meanwhile, revenues for the third quarter rose 15 per cent to reach Dh1.05 billion, bringing revenues for the first nine months of 2016 to Dh2.77 billion – a 15 per cent jump year-on-year.
In a statement posted to the Dubai Financial Market (DFM) website, Aramex attributed the decline in net profit in the third quarter to “slower economic activity in the GCC.” It also attributed the rise in revenues in Q3 2016 to growth across most of its geographies, with the Asia-Pacific region being a key driver.
The company is yet to post its full financial statement.
“Cross border e-commerce was the key driver of [revenue] growth and will continue to drive Aramex’s business strategy and expansion plans forward. 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 Hussein Hachem, chief executive officer at Aramex.
He added that the company is also “cautious in our outlook due to global economic uncertainties.”
