DUBAI, Aramex (DFM: ARMX), a global provider of comprehensive logistics and transportation solutions, today announced its financial results for the Fourth Quarter and Full Year ended 31st December 2017.
Aramex’s Q4 2017 Revenues registered double-digit growth of 14% to AED 1,324 million, compared to AED 1,158 million in the corresponding period of 2016. Q4 Net Profits reached AED 165 million, which represents an increase of 25%, compared to AED 131.8 million in Q4 2016.
2017 Full Year Revenues reached AED 4,721 million; up by 9% compared to AED 4,343 million in 2016. Revenues were impacted by currency fluctuations, mainly in Egyptian Pound. Excluding this impact, Year-on-Year Revenues would have grown by 11%. Aramex’s Net Profits in 2017 increased by 2%, to AED 435.4 million, compared to AED 426.6 million in 2016. Net Profit growth in 2017 was impacted by the one-time fair value adjustment related to Aramex’s investment in AMC Logistics joint venture in Egypt in Q2 2016. Excluding this adjustment, Net Profits would have grown by 13% in 2017.
Commenting on the results, Bashar Obeid, Chief Executive Officer of Aramex, said:”We are pleased to report robust performance in 2017. Our strong results were mostly driven by the surge of cross-border e-commerce activities globally, which continue to fuel the growth of our International Express business. While being excited about the growth potential of global e-commerce business, we have witnessed an exceptional growth of Express volumes in Q4, which highlighted a need to boost investments in last-mile capacity solutions across all our key markets.”
Source: Emirates News Agency