Aramex doubles net profit in Q1 2024

International Express Volumes are up 44% YoY setting another record quarter

Press Release

May 10, 2024

PHOTO

Aramex saw solid revenue contribution from all products with Group Revenue growing by 8% year on year (YoY) in Q1 2024 attributed to new customer wins, seasonality and the company’s increased focus on sales specialism.
International Express and Domestic Express drove strong revenue growth, while Freight Forwarding showed resilience with a 3% increase amid global shipping challenges. Logistics and Warehousing maintained stable performance both in Revenue and Profitability, adeptly navigating the currency devaluation impact coming mostly from Egypt.
The Company’s dual focus on sales and operational efficiency translated into bottom-line success, evident in improved margins across Gross Profit, EBIT and EBITDA. In addition, Gross Profit increased by 10% YoY in Q1 2024, with a strong improvement in EBIT of 47% and increase in EBITDA of 18% YoY. These results reflect the Company’s continuous investment in initiatives aimed at maximizing operational efficiency and optimizing costs.
Aramex continues to be well-positioned with a strong cash position of AED 571 million and a Net Debt-to-EBITDA ratio of 0.8x. Management’s focus on value creation delivers 40 basis points improvement in ROIC, currently standing at 5.2% for the trailing twelve months.

Dubai, UAE: Aramex (DFM: ARMX) a leading global provider of comprehensive logistics and transportation solutions, today announced its financial results for the First Quarter (“Q1”) ending 31st March 2024.

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