Aramex witnesses revenue growth in the First Quarter of 2017

Published: Thursday, May 18, 2017

Aramex recently announced its financial results for the first quarter of 2017. Revenues increased to Dh1,106 million, up 7% compared to Dh1,029 million in Q1 2016. Aramex’s Net Profits in the first quarter decreased by 5% to Dh91.8 million, down from Dh96.9 million in Q1 2016.

Aramex’s Net Profits dropped due to the increase in value of the provision related to the company’s incentive scheme. Not accounting for this provision, Q1 Net Profit would have been Dh105.1 million, an 8.5% increase from Q1 2016.

Aramex’s strong Revenue performance in the first quarter was driven by growth across Asia-Pacific. Revenues in other regions were affected by currency fluctuations, especially the Egyptian Pound, which otherwise would have grown by 12%.

International Express recorded double digit growth in Q1 2017, driven primarily by the robust performance of cross border e-commerce, and continues to be the main driver of growth for Aramex. The Domestic Express business witnessed an increase compared to last year’s performance, with Asia-Pacific contributing significantly to this growth. Freight growth witnessed a slight rebound in Q1 but was affected negatively by currency fluctuations.
Leveraging innovative technologies will continue to be a key focus for the business in the remainder of 2017. Aramex will also continue to actively look for future acquisitions and strategic partnerships in key markets to grow its global footprint.