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DUBAI / WAM
Aramex announced its financial results for fourth quarter and full year (FY), ending December 31, 2019.
According to a press statement issued by Aramex on Monday, full year 2019 revenue increased by 3 percent to AED5,246 million, compared to AED5,086 million in FY 2018. FY 2019 net profit increased 1 percent to AED497.4 million, compared to AED492.6 million made in the year ago period.
Aramex’s fourth quarter revenue in 2019 grew by
3 percent to AED1,463 million, compared to AED1,425 million in Q4 2018. Q4 net profit dropped slightly by 1 percent to AED152.5 million, compared to AED154 million in the year ago period.
In the fourth quarter of 2018, Aramex registered a one-off impairment of AED46 million from the divestment of Aramex Global Solutions (AGS).
Commenting on the results, Bashar Obeid, Chief Executive Officer of Aramex, said, “In 2019, we strategically focused efforts on upgrading our operations and deepening our commitment to building a digital infrastructure that enables a higher service level to customers, more efficient processes to handle strong growth in shipment volumes and partial mitigation of impacts from pricing pressure, especially in our express business.
“More specifically, we invested heavily in the last mile operations, one of the most critical and competitive stages of the delivery journey. This has enabled us to become the leaders in last mile in our core markets.”