Aramex, a leading global provider of comprehensive logistics and transportation solutions, has announced its financial results for first quarter ended 31 March 2018.
Aramex registered double-digit Net Profit growth of 13% in Q1 2018 to AED 103.4 million, compared to AED 91.8 million in Q1 2017. Q1 Revenue grew 8% to AED 1,190 million, from AED 1,106 million in Q1 2017, mainly attributed to the continued growth of global e-commerce activities.
Bashar Obeid, Chief Executive Officer of Aramex, said: “We are pleased to report another quarter of strong performance, thanks to the continued growth in global e-commerce activities and the ongoing transformation and restructuring of the business. We had a good start in the first quarter of 2018, launching several strategic initiatives to support future growth and enhancing our operational efficiencies, expanding last mile capacity and accelerating our digital transformation journey.”
Aramex's International Express business grew by 10% to AED 500 million due to the strong growth in cross-border e-commerce across most regions, specifically from Europe and the GCC markets. Asia was modestly lower in the first quarter 2018; however, the company remains confident on this region’s growth outlook for the remainder of the year.
The Domestic Express business grew by 9% to AED 265 million, driven by healthy growth in domestic e-commerce activities across Aramex’s key markets, mainly in the GCC and Africa.
Freight Forwarding grew by 3% to AED 284 million, as Aramex’s Oil and Gas business in the GCC and Asia benefitted from an improving oil and gas industry. (Source: Aramex).