Dubai – Mubasher: The net profits after tax of Aramex nearly doubled at AED 46.56 million in the first quarter (Q1) of 2024, marking a 95% year-on-year (YoY) leap from AED 23.90 million.
Revenues increased by 8% to AED 1.54 billion in Q1-24 from AED 1.43 billion in Q1-23, according to the interim consolidated financial results.
The basic and diluted earnings per share (EPS) from continuing operations climbed to AED 0.03 in the January-March 2024 period from AED 0.01 a year earlier.
Total assets amounted to AED 5.80 billion as of 31 March 2024, down from AED 5.82 billion at the end of December 2023.
Othman Aljeda, CEO of Aramex, said: “Our International Express delivered a 44% increase in volumes YoY in Q1-24, while Domestic Express delivered a 7% increase, with both driven by new customer wins, as well as seasonality during Ramadan.”
“Our freight forwarding product grew volumes double digit across land, sea and air while our Logistics and Warehousing product continued to support customers with 3PL and 4PL activities ensuring efficient logistics and fulfillment of goods in key markets,” Aljeda continued.
Commenting on the outlook for 2024, the CEO highlighted: “Looking ahead, we anticipate Q2-24 and Q3-24 to continue to deliver volume growth YoY, albeit at a softer rate compared to the levels seen during the peak seasons in Q1-24 and in Q4-23 due to seasonality.”
“From a capital allocation perspective, our priority for this year is debt repayment of approximately $50-$70 million, to lower our interest expenses in today’s high-rate environment,” he noted.
In 2023, Aramex recorded a 22% YoY drop in net profit to AED 129.29 million, compared to AED 165.37 million.
