Aramex makes the day
Dubai-based CEP provider Aramex has reported its financial results for 2020. The revenues for the year amounted to AED 5.51 billion (USD 1.49 billion) a surge of 9% compared to 2019. The booming e-commerce activities left their mark over the year.
Aramex’s international express business rose by 10% to AED 2.6 billion (USD 702 million), compared to AED 2.4 billion (USD 650 million) in 2019.
The second half of the year witnessed a strong recovery from a weak H1/2020 with lockdown measures. All the same, Aramex’s freight forwarding business declined by 5% to AED 1.1 billion (USD 297 million), compared to AED 1.2 billion (USD 324 million) in 2019 due to less demand in the oil & gas and retail business.
In the course of 2020, the logistics & supply chain solutions business increased 6% to AED 375 million (USD 101 million), compared to AED 355 million (USD 96 million) in 2019. The progress is attributed to the flourishing segments healthcare and FMCG. (sh)