Aramex revenue grows to AED5.2 billion in 2019
Aramex announced its financial results for the Fourth Quarter and Full Year, FY, ending 31st December 2019 on Sunday.
According to a press statement issued by Aramex on Monday, Full Year 2019 revenue increased by 3% to AED5,246 million, compared to AED5,086 million in FY 2018. FY 2019 net profit increased 1% to AED497.4 million, compared to AED492.6 million made in the year ago period.
Aramex’s Q4 2019 revenue grew by 3% to AED1,463 million, compared to AED1,425 million in Q4 2018. Q4 net profit dropped slightly by 1% to AED152.5 million, compared to AED154 million in the year ago period. In Q4 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.”
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