Dubai – Mubasher: The net profits of Aramex dropped by 53% year-on-year (YoY) to AED 42.86 million in the first half (H1) of 2023 from AED 91.87 million.
The revenues amounted to AED 2.82 billion as of 30 June 2023, down 5% from AED 2.96 billion a year earlier, according to the consolidated interim income statements.
Basic and diluted earnings per share (EPS) from continuing operations hit AED 0.03 in the first six months (6M) of 2023, versus AED 0.06 in H1-22.
Financial Results for Q2-23
The DFM-listed firm logged net profits standing at AED 18.96 million during the second quarter (Q2) of 2023, lower by 57% YoY than AED 44.56 million.
Revenues declined by 8% to AED 1.38 billion from AED 1.51 billion, while the basic and diluted EPS plummeted to AED 0.013 from AED 0.030.
Othman Aljeda, CEO of Aramex, indicated: “Reflecting on Aramex’s financial results for H1-23, we performed robustly, despite continued challenges in an environment characterized by cost inflation, lower freight rates, softening shipment volumes, and FX fluctuations.”
“Our focus in H2 will remain firmly on cost reduction and further efficiencies on operating expenses and [selling, general, and administrative expenses]SG&A, so that we can continue to be a very well-positioned, disciplined, and agile business, with a strong balance sheet and key competitive strengths for the long- term,” Aljeda mentioned.
The CEO highlighted: “Our strategically balanced geographical presence remains a pillar of strength, with a solid performance in key markets, including the GCC region, accounting for 39% of total revenues, while continuously reinforcing revenue performance in Europe and North American outbound markets.”
During the January-March 2023 period, Aramex posted a 49% YoY plunge in net profit to AED 23.90 million, compared to AED 47.30 million.
