Dubai’s Aramex Q3 net profit down 3%, Australia Post CEO becomes board member

Dubai-based logistics firm Aramex has reported a 3 per cent dip in third quarter net profit.

The firm said its net profit was Dhs72.2m from Dhs74.6m in Q3 2015.

Revenue for the period increased by 15 per cent to Dhs1.05bn from Dhs917m the previous year.

“Revenue growth was positive, with most geographies and business segments performing strongly. Cross border e-commerce was the key driver of this growth and will continue to drive Aramex’s business strategy and expansion plans forward,” said CEO Hussein Hachem.

“Looking ahead, we are pursuing partnerships with innovative logistics and technology companies to further transform Aramex into a leading technology enterprise, grow our e-commerce proposition and sustainably expand the business.”

He added that the firm was cautious in its outlook “due to global economic uncertainties”.

For the first nine months of the year Aramex’s revenue was up 15 per cent to Dhs3.1bn from Dhs2.77bn in 2015.

Net profit was also up 16 per cent to Dhs294.8m from Dhs253.7m in the first nine months of 2015.

In a further filing following its board meeting, Aramex said it had appointed Ahmed Fahour, managing director and group CEO of Australia Post, to its board of directors.

This followed Australia Post’s acquisition of Aramex’s Sydney-based courier unit and the formation of an e-commerce joint venture between the two companies.

Read: Aramex establishes Australia Post joint venture