News / Aramex profits plunge as it takes on costs and expands forwarding business

© Simon Lehmann

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 ...