Dubai’s Aramex posts 18% rise in Q3 profit; MyUS ops to be added in Q4

Dubai’s Aramex posts 18% rise in Q3 profit; MyUS ops to be added in Q4

Dubai-based logistics operator Aramex posted an 18% increase in Q3 2022 net profit from continuing operations to 36.9 million dirhams ($10 million), well below analysts mean estimate of AED60 million, according to data provider Refinitiv.

Net profit, including from discontinued operations, which includes profits incurred in Q3 2021 from the sale of InfoFort, was AED39.6 million, the Dubai Financial Market-listed company said in a statement on Thursday.

Revenue for the quarter rose 2% year-on-year (YoY) to AED1.42 billion driven by strong performance in Freight-Forwarding Business, it added.

Aramex's CEO Othman Aljeda said: "In line with our strategic objectives, our revenue mix is now more diversified both in terms of contributions from the different business segments and from a more diverse customer base."

He added that the company would consolidate Florida-based e-commerce company Access USA Shipping LLC (MyUS) into Aramex operations in Q4, and "we look forward to unlocking further value over the long term through revenue and cost synergies.”

Aramex completed the acquisition of MyUS for about $265 million in an all-cash deal in October.

Abu Dhabi sovereign wealth fund ADQ holds a 22.32% stake in Aramex, which it transferred to ADQ-owned Abu Dhabi Ports in January.

(Reporting by Brinda Darasha; editing by Daniel Luiz)

[email protected]

Disclaimer: This article