Dubai: Aramex, the Dubai-listed logistics company, has announced its full-year financial results, marginally increasing its net profits by 2 per cent and its revenues by 9 per cent.
The company did post strong fourth-quarter growth however, seeing a 25 per cent surge in net profits to Dh165 million, and a 14 per cent increase in revenues to Dh1.3 billion, compared to the same period in 2016.
The company said its revenues for the year were impacted by currency fluctuations, especially in the Egyptian pound. Despite this, Aramex’s 2017 full-year revenues reached Dh4.7 billion, up 9 per cent compared to 2016.
Aramex’s net profits, meanwhile, increased by 2 per cent to Dh435.4 million in 2017, compared to Dh426.6 million in the year before.
According to the company’s filing, net profit growth last year was impacted by a one-time fair value adjustment related to Aramex’s investment in AMC Logistics in 2016. Excluding this adjustment, they say that net profits would have grown by 13 per cent in 2017.
In a statement on the results, Aramex’s chief executive Bashar Obeid said that while the company was “excited about the growth potential of global e-commerce business,” its 2017 results had
“highlighted a need to boost investments in last-mile capacity solutions across all our key markets.”