Middle Eastern express and logistics giant Aramex has seen profits rise by 18% in the third quarter to Dh37 million (£8.5m). Lower expenses offset a dip in overall revenues.

Revenues fell in Q3 by 2.4% to Dh1.42 billion (£327.8 million) thanks to a dip in volumes in the Oceania and North Asia regions. Devaluation in currencies in certain markets also hit revenues as foreign products became more expensive for some consumers.

“The strength and resilience of the GCC economies contributed to the stability of our top line year to date in 2022,” said Othman Aljeda, chief executive of Aramex.

“In line with our strategic objectives, our revenue mix is now more diversified both in terms of contributions from the different business segments and from a more diverse customer base.”

Aljeda continued, “We remain cognisant of global macro activity and believe that our dominant position in the GCC … will continue to support our resilient performance.”