Aramex (DFM: ARMX), a leading global provider of comprehensive logistics and transportation solutions, today announced its Full Year Financial Results for year ended 31 December 2015.
Aramex’s 2015 Full Year Revenues reached AED 3,837 million, up by 5% compared to AED 3,643 million in 2014. Q4 Revenues increased by 5% to AED 1,003 million, compared to AED 957 million in the corresponding period of 2014. Exposure to major currency fluctuations, primarily the Euro, South African Rand and Australian Dollar, had a 4.4% negative impact on full year revenues, which would have resulted in an increase of 9.4% in total annual revenues and 8.5% increase in Q4 revenues.
The Company’s 2015 Full Year Net Profits decreased by 2% to AED 311 million, compared to AED 318 million in 2014. Q4 Net Profits reached AED 57.6 million, which represent a decrease by 36%, compared to AED 89.4 million in Q4 2014. This decrease is due to a one time provision to account for an employees’ incentive scheme in order to retain and reward talented and senior executives, in-line with international best practices. This scheme has been discussed, reviewed and approved by the Remuneration Committee of the Company. Excluding this scheme provision, Aramex’s Q4 2015 Net profit would have been approximately AED 104 million, which represents 16% growth over the same quarter last year. Also, Full Year Net Profits would have been approximately AED 358 million for the year 2015, which represents 12% growth over year 2014.
Commenting on the results, Hussein Hachem, Aramex Chief Executive Officer said: “We had another strong year and we are very happy with our 2015 results. Despite global economic uncertainty, substantial drop in oil prices and currency fluctuations, our 2015 performance was very solid in revenue growth, primarily in international and domestic express, led by continued expansion of our e-commerce business across key growth markets. Aramex has also achieved solid growth across its geographies, with the GCC remaining the largest contributor to revenues in 2015. ”