Aramex reports resilient performance in H1 2023, despite challenging market conditions

Aramex reports resilient performance in H1 2023, despite challenging market conditions

DUBAI, 9th August, 2023 (WAM) – Aramex (DFM: ARMX) a leading global provider of comprehensive logistics and transportation solutions, announced its financial results for the second quarter (Q2) and first half (H1) ending 30th June 2023.

Demonstrating resilience and remaining profitable in the face of weak market conditions including FX headwinds, Aramex reported revenues of AED 2.8 billion in H1 2023, a 5 percent decline YoY. In line with the global industry trend of softening volumes, the Q2 2023 revenue also declined by 8 percent. However, excluding the currency exchange impact, the Q2 revenue fell by 5 percent.

Aramex maintained a robust gross profit margin of 25 percent over both the half year and second quarter periods, despite a 3 percent and 9 percent YoY reduction in gross profit for H1 and Q2 2023 respectively. This tenacity reflects Aramex’s consistent investments in efficiency-maximizing initiatives and cost optimization strategies, enabling the Company to navigate economic cycles with strength.

Net profit of AED 42.8 million was reported in the first half of 2023, compared to AED 91.9 million in H1 2022, with a similar decline of 57 percent for Q2 2023. This decrease is attributed to a trickle-down impact from topline softening, as well as