Aramex’s revenue grew by four per cent to AED 1,148 million in the second quarter of 2017, but net profit fell by 23 per cent to AED 97 million.
The company said net profit growth in the second quarter of 2017 was hit 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, second quarter 2017 net profits would have grown by 15 per cent.
Hussein Hachem, chief executive, said: “Despite the on-going global and regional economic uncertainty, we delivered strong results in Q2 2017. Our asset-light business model and use of innovative technologies to upgrade our operations enable us to successfully manage capacity through a variable cost model, both regionally and globally and maintain our position as the disruptive logistics player. Looking towards the second half of 2017, we are excited about our future prospects for growth, and will be actively identifying acquisitions and strategic partnerships to expand our global reach.”