Aramex reported that its full-year profit for 2016 surged 37 percent to JD82.4 million, fuelled largely by the growing popularity of e-commerce and a string of recent investments.
The Dubai-based logistics giant, whose revenues also leapt 16 percent to JD838.7 million over the same period, said its performance was buoyed by strong growth in cross-border e-commerce, particularly in Asia, Europe, and the United States, along with its acquisition of New Zealand courier Fastway and a stake it took in AMC Logistics’ Egyptian joint venture.
“We are extremely pleased to report record results with our 2016 financial performance. Despite global economic uncertainty and the slowdown in the GCC region, our asset-light business model enabled us to respond quickly to volatility, outperform the market and deliver on our promise,” Aramex CEO Hussein Hachem said in a statement.
Looking ahead, Hachem said he would continue transforming Aramex into a technology-driven enterprise. “Our commitment to innovation and technology were two core areas of focus this year, allowing us to enhance our customer experience and expand our business operations,” he said. “We will continue to focus on investing in technology to further transform the business into a technology-driven enterprise and lead the market by sourcing disruptive, digital-based solutions.”