RIYADH: Middle Eastern logistics provider Aramex has reported a 15 percent drop in profit for 2021 as global supply chain snags pressured profit margins.
Net profit was down to 225 million dirhams ($61.2 million), compared to 266 million a year earlier, a statement by the Dubai-based firm showed.
The profit drop was attributed to higher costs from continued pricing challenges on the back of supply chain disruption.
As the global economy revived later during the year, stronger e-commerce activity propelled an increase in revenues of 10 percent year-on-year, reaching 6.06 billion dirhams.
“While the pressures will likely continue in 2022, we have a defined strategy to grow the business and improve the profit margins,” said the company’s chief executive officer, Othman Aljeda.
This strategy includes “investment in technology and operational optimization initiatives to strengthen and grow our business across all markets,” he added.