Company announced its preliminary financial results for the Q4-2022 and FY-2022
Aramex’s FY-2022 Revenue was broadly in line with the 2021, while Q4-2022 Revenue decreased 5% YoY to AED 1.53bn. 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.
For the full year 2022 period, Gross Profit was down 2% YoY to AED 1.41bn, while Reported Gross Profit was relatively unchanged from the prior period at AED 1.42bn. For the Q4-2022 period, Normalized Gross Profit was up 6% to AED 355mn, while Reported Gross Profit was up 16% to AED 381mn.
FY 2022 Reported Net Profit declined 27% YoY to AED 165.4mn, impacted by currency fluctuations in certain markets. For the Q4-2022 period, Normalized Net Profit surged 42% compared to Q4-2021 to AED 45.3mn, while Reported Net Profit declined 27% to AED 33.9mn.
“In 2022 we stabilized our gross profit margin for the group, as well as for our domestic and international express products; we grew our freight product by 27% while increasing its gross profit by 51%, and for our logistics product, we focused on quality revenue and reached 85% utilization of our warehouses while increasing gross profit by 58%,” stated Othman Aljeda, Chief Executive Officer, Aramex.
