Dubai-based logistics company Aramex today reported a profit of AED 165 million ($44.9 million), down from AED 225 million in 2021, as revenue fell from AED 6.068 billion for the full year 2021 to AED 5.926 billion in 2022. 

The profit was below Refinitiv forecasts of AED 206 million, with the share price reaching AED 3.56, some way below the AED 4.33 target. 

For the fourth quarter, the firm saw profits of AED 33.8 million down from AED 46.2 million, with revenue of AED 1.534 billion, down from AED 1.611 billion. 

In a statement to Dubai Financial Market (DFM) today, Aramex said growth in key regions including the GCC and other MENAT countries was offset by weaknesses in other markets, impacted by lockdowns in China, overall slower economic growth and lower consumer confidence as well as the global inflationary environment. 

“Revenue was also impacted by currency devaluation in some operating countries, primarily in Lebanon and Egypt,” the statement said. 

(Writing by Imogen Lillywhite; editing by Daniel Luiz)