Dubai – Mubasher: The preliminary results of Aramex showed a 42.7% decrease in net profits to AED 285.014 million in 2020, compared to AED 497.4 million in 2019.
The company's revenues rose by 9% to AED 5.51 billion in 2020 from AED 5.068 billion in the previous year.
The earnings per share (EPS) stood at AED 0.195 last year, against AED 0.340 in 2019.
During the fourth quarter (Q4) of 2020, the company's net profits plunged by 49% to AED 77 million, compared to AED 152.5 million in the same period of the earlier year.
The company generated revenues of AED 1.598 billion in Q4-20, up 13% from AED 1.418 billion in the year-ago period.
The fourth-quarter revenue is the highest level on the company's record, driven by a higher number of consumers turning to e-commerce to buy goods amid the coronavirus (COVID-19) restrictions.
Commenting on the company's performance, the Chairman of Aramex, Mohamed Juma Alshamsi, said: "As the global economy recovers from the pandemic and the global vaccination drive gathers pace, we are optimistic about the future of our industry."
Meanwhile, the CEO of Aramex, Bashar Obeid, remarked: "Throughout the year we remained focused on executing on both the digital transformation roadmap, to enhance operational efficiencies and service levels, and on our commercial strategy, to diversify revenue and expand our B2B business."
It is noteworthy to mention that during the third quarter (Q3) of 2020, the company's net profits attributable to the equity holders plunged by 59% to AED 46.2 million from AED 113.8 million in the same quarter of 2019.
