An Aramex truck. Image Credit: Courtesy Aramex

Dubai: Aramex, a provider of comprehensive logistics and transportation solutions, said on Wednesday its net profit for the second quarter remained flat due to implementation of IFRS16.

The net profit rose 1 per cent to reach Dh123 million in the three months to June, compared to Dh122 million in the same quarter last year. The net profit was negatively impacted by Dh8.4 million due to implementation of IFRS 16 related to accounting for leases.

Aramex’s second quarter revenues grew 4 per cent to Dh1.2 billion in the June quarter compared to Dh1.23 billion. Revenues would have grown by 7 per cent excluding the impact from currency fluctuations, mainly in the South African Rand and Australian Dollar, as well as the company’s strategic restructuring of its operations in India through exiting the Domestic Express market.

Aramex’s Revenues in the first half of 2019 grew by 4 per cent to Dh2.5 billion, compared to Dh2.422 million for the same period of 2018.