Aramex profits boosted by e-commerce deliveries

For the fourth quarter Aramex's revenues grew 18 per cent to Dh1.1bn, compared to Dh982m a year earlier. Profit for the quarter jumped 129 per cent to Dh131.8m.

Aramex, the global logistics firm based in Dubai, reported a 37 per cent rise in full-year profit to Dh426.6 million on Monday as growth in cross-border e-commerce deliveries boosted demand. Aramex invested in a number of delivery startup businesses worldwide last year as revenue reached Dh4.3 billion, up 16 per cent compared to Dh3.7bn in 2015. For the fourth quarter, revenue grew 18 per cent to Dh1.1bn, compared to Dh982m a year earlier. Profit for the quarter jumped 129 per cent to Dh131.8m.

“These robust results have put us in a strong position to deliver on our ongoing business strategy as we move into the new fiscal year,” said Hussein Hachem, the chief executive of Aramex. He said the company would continue investing to transform the business into a technology-driven enterprise.

“While we remain confident in this approach, we are also cautious in our outlook due to global economic uncertainties. However, we are excited about the positive growth we have achieved so far and look forward to carrying this momentum into 2017.”

In 2016 Aramex acquired Fastway Limited to strengthen its presence in Australia and New Zealand, and it formed a joint venture with Australia Post to launch Aramex Global Solutions.

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