PUBLISHER: The Load Star (www.theloaadstar.com)
Aramex must be one of the few, if not the only, logistics company to see profits fall significantly last year, as it bore costs in a bid to keep customers happy.
It is also in the market for acquisitive growth, it said.
While revenues rose 10% year-on-year in 2021, to AED6.06bn ($1.65bn), net profit fell 15% to AED225m, as Aramex implemented a “fully redesigned operating model”, according to CEO Othman Aljeda.
He added: “Our customer-first approach means we are absorbing a higher cost of doing business to ensure we continue to respond to customer needs and defend and grow our market share, despite the ongoing supply chain disruptions caused by the pandemic. As a result, our margins remain under pressure.