Net profit for Q3-2021 rose 47% to US$ 18.46mn
Aramex recently announced its financial results for the third quarter and collectively for the nine months ending 30 September 2021.
In Q3-2021, revenue was stable YoY year at AED 1.46bn (US$ 1.21bn), driven by double-digit growth in Domestic Express and a strong rebound in Logistics & Freight-Forwarding business.
In nine-month 2021, revenues increased 14% YoY to AED 4.46bn, compared to AED 3.91bn in the same period in 2020, driven by growth across all service lines in both the Courier Business, and Logistics and Freight-Forwarding.
Net profit for Q3-2021 rose 47% to AED 67.8mn (US$ 18.46m) compared to AED 46.2mn in Q3-2020. Nine-month 2021 net profit decreased by 14% to AED 179mn, compared to AED 208mn in Q1-Q3 2020.
“The impact of our new redesigned operating model is already starting to reflect positively on our performance. With a renewed emphasis on enhancing operating efficiencies, improving service levels to customers, building scale and reorganization of our team of professionals, we have been able to capture growth opportunities in both the Courier Business, and Logistics & Freight-Forwarding business,” affirmed Othman Aljeda, Group CEO, Aramex.
“Our focus so far this year has been on scaling our on the ground operations, especially within our last mile infrastructure, in strategic locations to handle current and expected surge in volumes,” remarked Alaa Saoudi, COO–Express.
“We are very encouraged by the recovery in economic activity in the GCC and across the world and believe this growth will be sustained for the foreseeable future,” commented Mohammad Alkhas, COO–Logistics & Freight-Forwarding, Aramex.
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