Aramex profit slipped 3 per cent during the third quarter, attributable to a slowdown economic activity in the Arabian Gulf and a large number of public holidays during the period.
The logistics firm said it was confident in its strategy to transform itself into a leading technology enterprise, but remained cautious in its outlook because of global economic uncertainties. Aramex said on Monday that net income for the three months to the end of September reached Dh72.2 million, compared with Dh74.6m a year earlier.
Revenues grew 15 per cent to Dh917m during the quarter, thanks to growth in the Asia-Pacific region.
“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,” said the Aramex chief executive Hussein Hachem.
“While we remain confident in this approach, we are also cautious in our outlook due to global economic uncertainties.”
In August during the third quarter, Australia Post acquired a 4.5 per cent stake in Aramex for about A$100m (Dh279.3m).
Aramex also signed a partnership with Dubai-based NewBridge Pharmaceuticals in August to provide a range of logistics services across the Middle East, Africa, Canada and the UK.
The company announced in September that it had sold its stake in Australia’s MailCall Couriers for US$32.85m.
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Brief scores:
Kashima Antlers 0
River Plate 4
Zuculini 24', Martinez 73', 90 2', Borre 89' (pen)
Get Out
Director: Jordan Peele
Stars: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
Four stars
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Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
3%20Body%20Problem
The specs
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Dubai World Cup draw
1. Gunnevera
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3. North America
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6. Pavel
7. Gronkowski
8. Axelrod
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The biog
Favourite film: Motorcycle Dairies, Monsieur Hulot’s Holiday, Kagemusha
Favourite book: One Hundred Years of Solitude
Holiday destination: Sri Lanka
First car: VW Golf
Proudest achievement: Building Robotics Labs at Khalifa University and King’s College London, Daughters
Driverless cars or drones: Driverless Cars
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
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ANATOMY%20OF%20A%20FALL
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Pot 1: Iran, Japan, South Korea, Australia, Qatar, United Arab Emirates, Saudi Arabia, China
Pot 2: Iraq, Uzbekistan, Syria, Oman, Lebanon, Kyrgyz Republic, Vietnam, Jordan
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The biog
Favourite film: The Notebook
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Best Goalkeeper: Alisson Becker
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Top%2010%20most%20competitive%20economies
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Manchester City 3 (Sterling 46', De Bruyne 65', Gundogan 70')
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Kandahar%20
Armies of Sand
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