Aramex’s profits up 15% to AED92.6m

Aramex, a major global logistics and transportation solutions provider, announcing its financial results for Q2, stated that its net profits increased by 15 percent to AED92.6 million, up from AED80.8 million in Q2, 2014. Revenues were also up 6 percent, to AED967 million compared to AED915 million over the corresponding period of the previous year.
Following a robust Q1 performance, Aramex's H1 revenues increased year-on-year to AED1.89 billion, up 7 percent compared to AED1.76 billion for the corresponding period of 2014. Net profits during the same period rose to AED179.2 million, up from AED159.5 million in the first half of 2014, a year-on-year increase of 12 percent.
Aramex delivered strong and broad-based revenue growth across its geographies, despite currency fluctuations. Overall net income was extremely healthy, with strong performances across all of Aramex’s territories, while the GCC remained the key driver of this growth.
Significant revenue growth was recorded from both the International Express and Domestic Express businesses due to a continued increase in demand for global online shopping services particularly in the GCC, Europe and North America.
Australia’s MailCall, acquired in 2014, contributed positively to Domestic Express as did an increase in demand for domestic services for both businesses and individuals in key markets, specifically Egypt, KSA and India.
Growth in the Freight business was negatively impacted by the recent drop in global oil prices and currency fluctuations, while logistics recorded a particularly strong performance mostly driven by growth in core GCC markets and South Africa.
Hussein Hachem, Aramex CEO, said: “We have once again delivered an excellent set of results this quarter. While we’ve had a strong double-digit net income, our revenues would have reached 10 percent had we not been faced with weak global currencies.”