Mixed results for Aramex
Middle East-based CEP company Aramex has reported its unaudited financial results for 2021: in the full year, revenues achieved a record AED 6.07 billion (USD 1.65 billion), an uptick of 10.0% compared to 2020. The group's net profit however dropped by 15% to AED 225 million (USD 61 million), compared to AED 267 million (USD 73 million) in FY/2020.
Aramex said in a press release that the company "is absorbing a higher cost of doing business to ensure it continues to respond to customer needs, and defend and grow its market share, despite the ongoing supply chain disruptions caused by the pandemic."
The company is investing in optimising its technology and operations to improve the margins under pressure. In 2021, the courier business grew to AED 4.14 billion (USD 1.13 billion), up 5% from 2020, driven by accelerated growth in the global e-commerce market. The volumes transported in 2021 increased by 10% year-on-year. (sh)