Delivers the highest-ever quarterly volumes in International Express
Aramex recently announced its audited financial results for the Fourth Quarter (Q4-2023) ending 31 December 2023.
Aramex reported a marginal 1% YoY decline in Q4-2023 Revenue to AED 1.52bn, despite challenging market conditions and currency fluctuations. Full Year Revenue was healthy at AED 5.69bn, a decline of 4% YoY. When excluding the impact of currency translation, full year Revenue decline was 1% compared to the reported decline of 4%.
With the management’s resolute focus on quality revenue, operational efficiency, and cost optimization, Aramex delivered a notable 2% YoY growth in Gross Profit for Q4-2023, reaching AED 389mn and remained stable for the full year.
Net profits double
Net Profit for Q4-2023 more than doubled to AED 77mn compared to the same period last year, driven by the growth in EBITDA. Aramex maintained a strong balance sheet position with Net Debt-to-EBITDA ratio of 2.4x and a healthy cash balance of AED 575mn as of 31 December 2023.
“Q4-2023 has proven to be exceptional, marked by record quarterly International Express volumes and improved profitability for the Group. This is driven by client wins, operational excellence, and the strength of our home markets in the GCC and wider MENAT region,” stated Othman Aljeda, Chief Executive Officer, Aramex.
The company is seeing a good start to 2024, a year during which its strategic focus remains on securing quality revenue across its four products, further enhancing efficiencies through technology and operational investments, to continue improving overall Group profitability.
