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Dubai's Aramex Q3 profit falls 3pc to US$19.6 million as revenues rise 15pc
DUBAI global logistics giant Aramex third quarter profit declined three per cent year on year to AED72.2 million (US$19.6 million) drawn on revenues of AED1.05 billion, up 15 per cent.
Yet net profit was up 16 per cent to AED294.8 million in the first nine months while revenue increased 15 per cent year on year to AED3.2 billion year on year.
Third quarter revenue grew most in Asia-Pacific, affected by the reduced number of working days due to public holidays and slower economic activity in the GCC (Gulf Cooperation Council) region.
Aramex CEO 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.
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.
Yet net profit was up 16 per cent to AED294.8 million in the first nine months while revenue increased 15 per cent year on year to AED3.2 billion year on year.
Third quarter revenue grew most in Asia-Pacific, affected by the reduced number of working days due to public holidays and slower economic activity in the GCC (Gulf Cooperation Council) region.
Aramex CEO 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.
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.
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