Dubai – Mubasher: Aramex recorded net profits valued at AED 76.94 million in the first nine months (9M) of 2024, higher by 45% than AED 51.36 million in 9M-23.
Revenues hit AED 4.62 billion in 9M-24, marking an 11% year-on-year (YoY) rise from AED 4.17 billion, according to the financial results.
Financials for Q3-24
In the third quarter (Q3) of 2024, the net profits hiked by 177% to AED 27.12 million from AED 8.69 million in Q3-23.
The DFM-listed group generated revenues amounting to AED 1.59 billion in July-September 2024, up 18% YoY from AED 1.34 billion.
Othman Aljeda, CEO of Aramex, said: “Domestic express gained volumes and significantly improved profitability. International express also reported good volume growth while the margin profile is adjusting based on the profile of the new business coming in.”
“Our logistics business reported better quality revenue and improved profitability on the back of the actions we have taken. Although it is our smallest contributor to group revenue, logistics plays a strategic role at the heart of our transportation ecosystem,” Aljeda indicated.
The CEO mentioned: “In freight forwarding, the operating environment remains challenging. We reported further pressure in our freight forwarding margins and we are in the process of reassessing certain activities for this product.”
As of 30 June 2024, Aramex achieved 15% higher net profits at AED 49.45 million, versus AED 42.86 million in the first half (H1) of 2023.
