“Aramex” profits 208 million dirhams in 9 months, down 40% –...

“Aramex” profits 208 million dirhams in 9 months, down 40% –...
“Aramex” profits 208 million dirhams in 9 months, down 40% –...

The net profit of Aramex during the third quarter decreased by 59% to 46.2 million dirhams, compared to 113.8 million dirhams during the same period in the year 2019. Excluding the non-recurring provisions, which it announced.

In order to cover the damages caused by the Beirut Port explosion and the warehouse fire in Morocco, the net profits decreased by only 13% to 99.1 million dirhams, and the net profit during the first nine months decreased by 40% to reach 208 million dirhams. When excluding the aforementioned provisions, the net profit for the first nine months would have reached 260.89 million dirhams, a decrease of 24%.

The company achieved 19% growth in revenues during the third quarter to reach 1.5 billion dirhams, and revenues during the first nine months increased by 7% to reach 4.03 billion dirhams, compared with 3.78 billion dirhams during the same period in 2019. Bashar Obaid, CEO of the company said. :

“We recorded very strong results over the past three months, and had the highest revenue for the company ever in the third quarter due to growth in most of our business lines. The pandemic contributed to accelerating growth in the e-commerce sector, which is the most important catalyst for the company’s revenue growth.

He added: “The pandemic has led to an increase in operational costs in many of our business lines, including the costs resulting from our investments to expand the scope of delivery services to the final destination. Although we expect the pace of growth of these costs to stabilize during the coming annual quarters, we expect transportation costs to continue rising in the near future.

And he expected that during the upcoming holidays, electronic shoppers will turn to digital channels to buy goods and send gifts, and thus we are likely to witness good demand rates.

“We witnessed an exceptional growth of 35% in the total number of shipments during the third quarter, most of which came from our main markets, including Saudi Arabia and the UAE,” said Othman Al-Jada, the company’s regional chief executive officer in Europe, North America and Asia.

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