Dubai – Mubasher: The net profits attributable to the equity holders of Aramex decreased to AED 40.656 million in the first three months of 2021 from AED 61.727 million in the year-ago period, according to the company’s unaudited interim financials for the three-month period ended 31 March 2021.
The company generated revenues of AED 1.424 billion in the first quarter (Q1) of 2021, up 24% from AED 1.151 billion in the same quarter of 2020.
Higher revenues are attributed to increased demand for Express business, including cross border e-commerce and last mile services.
The basic and diluted earnings per share (EPS) from continuing operations settled at AED 0.028 in Q1-21, compared to AED 0.042 in Q1-20.
The EPS from discontinued operations remained at AED 0.004 in the January-March period of 2021.
Commenting on the company’s performance, the CEO of Aramex, Bashar Obeid, said: “The impact of Covid-19 continues to weigh on our operating margins because of relatively high line haul costs.”
Obeid added: “The downward pressure on margins will likely continue for the remainder of the year, however, will slowly start to abate as we continue to explore ways and redesigning our line haul network.”
It is noteworthy to mention that in 2020, the company recorded a 42.7% decrease in net profits to AED 285.014 million, compared to AED 497.4 million in 2019.
