Company announces net profit of AED 42.8mn for H1-2023
Demonstrating resilience and remaining profitable in the face of weak market conditions including FX headwinds, Aramex reported Revenues of AED 2.8bn in H1-2023, a 5% decline YoY. In line with the global industry trend of softening volumes, the Q2-2023 Revenue also declined by 8%, according to a press release.
Aramex maintained a robust Gross Profit Margin of 25% over both the half-year and second quarter periods, despite a 3% and 9% YoY reduction in gross profit for H1 and Q2-2023 respectively.
Net profit of AED 42.8mn was reported in the first half of 2023, compared to AED 91.9mn in H1-2022, with a similar decline of 57% for Q2 2023.
Aramex maintained a robust balance sheet position with Net Debt-to-EBITDA ratio of 2.6x and a healthy cash balance of AED 502mn as of 30 June 2023.
“We will continue to reposition the business to higher margin accounts, including specialized verticals and more B2B business. We continue to focus on quality revenues and strategic growth to create long-term value for our stakeholders,” remarked Othman Aljeda, CEO, Aramex.
