Aramex’s revenues grew 4% year-over-year in Q2 of 2017 to AED*1,148m. Net profits fell 23% to AED97m. For the first half of 2017, this meant revenues were up 6% year-over-year to AED2,254m. Net profits decreased 15.2% to AED 189m.
Net profits in Q2 were negatively impacted by the one-time fair value adjustment related to Aramex’s investment in AMC Logistics joint venture in Egypt in Q2 2016. Excluding this adjustment, Q2 2017 net profits would have grown by 15%. Furthermore, the company’s revenue growth in Q2 and the first half 2017 was also affected by currency fluctuations, especially the Egyptian Pound, which otherwise would have grown by 8% and 10% respectively.
Commenting on the results, Hussein Hachem, Aramex CEO said: “Despite the ongoing global and regional economic uncertainty, we delivered strong results in Q2 2017. Looking towards the second half of 2017, we are excited about our future prospects for growth, and will be actively identifying acquisitions and strategic partnerships to expand our global reach.”
*AED 4.23=€/AED 3.67=$
The world's largest collection of global supply chain intelligence