Aramex (DFM: ARMX), a leading global provider of comprehensive logistics and transportation solutions, today announced its financial results for the first quarter of 2016. Aramex’s Net Profits increased 12% to AED 96.9 million, up from AED 86.6 million in Q1 2015. Revenues in the first quarter of 2016 increased to AED 1,048 million, up 13% compared to AED 930 million in Q1 2015.
Aramex’s strong performance was driven by growth across all its geographies. International Express recorded a strong performance in Q1, driven primarily by robust e-commerce growth across all markets. The Domestic Express business saw an increase in revenues in key markets, particularly in the Asia-Pacific, where Aramex revenue growth for the quarter was positively impacted by the acquisition of Fastway Couriers.
Commenting on the results, Hussein Hachem, Aramex CEO said: “Despite global economic uncertainty, continuing oil price volatility and currency fluctuations, our performance in Q1 was very strong. Net profit growth could have been even stronger, up by 18%, had we not accounted for a one time acquisition cost of Fastway Couriers during the quarter. Revenue growth, primarily in international and domestic express, was driven by the continued expansion of our cross-border e-commerce business across key growth markets and contributed significantly to our good performance this quarter. Though we finished Q1 strongly, we experienced slower growth at the end of the quarter. We are closely watching this trend so we can quickly adjust to any volatility, and we’re cautiously optimistic about continuing our growth momentum further into 2016.”