UAE’s Aramex Q3 net profit slips 3%

Dubai-listed courier firm Aramex reported a net profit for the third quarter at AED 72.2 million, a 3 percent year-on-year (YoY) decline from AED 74.6 million.

The company said the net profit was impacted by the reduced number of working days due to public holidays, in addition to slower economic activity in the GCC region.

The firm’s revenues for the quarter increased to AED 1.05 billion, up by 15 percent compared to AED 917 million in Q3-2015.

The increase in revenue for the third quarter was attributed to growth across most of the geographic regions that Aramex operates in, with the Asia-Pacific noted as a key contributor to the growth.

Net profit for the first nine months of this year rose 16 percent YoY to AED 294.8 million.

“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,” chief executive Hussein Hachem said in a statement.

“While we remain confident in this approach, we are also cautious in our outlook due to global economic uncertainties,” he added.