Aramex’s 2023 revenues cross AED 5.6bn; profits hike 127% in Q4

Aramex’s 2023 revenues cross AED 5.6bn; profits hike 127% in Q4

Dubai – Mubasher: The net profits attributable to the shareholders of Aramex plunged by 22% to AED 129.29 million in 2023 from AED 165.37 million a year earlier.

Revenues hit AED 5.69 billion in the January-December 2023 period, an annual decrease of 4% from AED 5.92 billion, according to the consolidated financials.

Total basic and diluted earnings per share (EPS) went up to AED 0.08 last year from AED 0.01 in 2022.

Aramex registered total assets amounting to AED 5.82 billion as of 31 December 2023, down year-on-year (YoY) from AED 6.09 billion.

Income Statements for Q4-23

In the fourth quarter (Q4) of 2023, the company’s net profits reached AED 76.78 million, an annual leap of 127% from AED 33.86 million.

Meanwhile, the revenues declined by 1% to AED 1.52 billion in Q4-23 from AED 1.53 billion in Q4-22.

Othman Aljeda, CEO of Aramex, said: “Our [earnings before interest, taxes, depreciation, and amortisation] EBITDA increased 33%, while our net profit more than doubled in Q4 2023 compared to the same period last year.”

“Despite mixed economic indicators across these markets, we achieved growth in gross profit of 6% in the GCC and 32% in MENAT,” Aljeda noted.

He concluded: “We are seeing a good start to 2024, a year during which