Aramex revenues rise 4% in Q2

DUBAI: Aramex announced its financial results for the second quarter and the first half ended 30th June 2019.

The company’s Q2 2019 revenues grew by four per cent to Dhs1,279 million, compared to Dhs1,232 million in Q2 2018. Revenues would have grown by seven percent excluding the impact from currency fluctuations, mainly in the South African Rand and Australian Dollar, as well as the company’s strategic restructuring of its operations in India through exiting the Domestic Express market. According to a statement, Aramex’s revenues in H1 2019 grew by four percent to Dhs2,512 million, compared to Dhs2,422 million for the same period of 2018.

Net profit for the Q2 2019 rose by one per cent to reach Dhs123 million, compared to Dhs122 million in Q2 2018. Net profit was negatively impacted by Dhs8.4 million due to the implementation of IFRS16 related to accounting for leases. Excluding that impact, Q2 2019 net profit would have grown by eight percent, the statement added.

Aramex’s net profit in H1 2019 grew by two percent to Dhs231 million, compared to Dhs226 million for the same period of 2018. Excluding IFRS16 impact of Dhs14.3 million, H1 2019 net profit would have grown by nine per cent.

Commenting on the results, Bashar Obeid, CEO of Aramex, said, “Strong demand from e-commerce continues to spur growth in volumes we handled over the second quarter. Our Domestic Express registered outstanding performance and International Express also enjoyed double-digit growth. This is a testament to our strong brand, efficient services, and increasingly competitive positioning.”

WAM