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Revenue grows by 9% compared to same quarter last year

Aramex, a Dubai-listed logistics company, said on Tuesday it has posted a 10 per cent increase in net profit to Dh86.6 million in the first quarter of 2015, compared with the same period a year ago.

The company’s revenue also grew, having reached Dh930 million, up 9 per cent compared with the first three months of 2014, Aramex said in a statement.

The company’s performance was driven by growth across all of the markets it operates in, with the Gulf Cooperation Council (GCC) being the largest contributor to revenue.

Hussein Hachem, chief executive of Aramex, said the company’s performance was not affected by the drop in oil prices by more than 50 per cent since last June and weakening currencies.

“Although we witnessed slower growth at the beginning of the quarter we finished Q1 strongly despite challenges brought about by low oil prices and weak global currencies. While the volatility in global currencies impacted our revenues, a strong US dollar presents us with opportunities for acquisitions,” he said in the statement.

The domestic express business grew partially due to the company’s recent acquisitions in both Australia and South Africa, as well as an increase in demand for domestic services for both businesses and individuals in its key markets. Aramex acquired Australian courier company Mail Call Couriers for A$33 million (Dh94.6 million) and South Africa-based retailer PostNet for $16.5 million (Dh60.6 million) in 2014.

International express, meanwhile, also performed well as a result of the continued expansion of the company’s e-commerce platform across key growth markets.

The company’s profit in 2015 is expected to rise by 10 per cent, driven by its “expanded operations in South Africa and Australia, e-commerce and domestic express [business],” Hachem said in February.

In the fourth quarter of 2014, the company posted a 17 per cent rise in net profit to Dh89.4 million on the back of growth in its domestic and international express businesses, plus e-commerce.

Revenue for the same period touched Dh959 million, up 13 per cent from Dh850 million achieved in the same time a year ago.

Aramex’s shares closed down 1.10 per cent to Dh3.60 on the Dubai Financial Market on Tuesday.

 

Source: Gulf news


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