Middle East based logistics company Aramex saw revenues up 15% in the third quarter of 2016 to AED1.05bn but net profit was down 3% at AED72.2m compared with like period last year.
However, for the first nine months of the year, net profit was up 16% to AED294.8m while revenue was again up 15%, at AED3.2bn.
Revenue in the third quarter grew in most regions, but especially in Asia-Pacific. Net profit was affected by the reduced number of working days due to public holidays and slower economic activity in the GCC region, said Aramex.
Chief executive Hussein Hachem said that cross border e-commerce was the key driver of the company’s growth: “We are pursuing partnerships with innovative logistics and technology companies to further transform Aramex into a leading technology enterprise, grow our e-commerce proposition and sustainably expand the business.
"While we remain confident in this approach, we are also cautious in our outlook due to global economic uncertainties.”
Aramex said it was committed to building on its asset light model by integrating digital platforms and capabilities to give greater speed, improve customer experience and enhance efficiency.
