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Aramex earns Dh2.97 billion revenue in first half
The company's strong balance sheet will support the company’s growth strategy, including investments in digital and technological infrastructure as well as its active merger and acquisition pipeline
Freight-forwarding and logistics business drive the Aramex revenues during the first half of 2022. — File photo
Aramex on Thursday said it recorded Dh2.97 billion revenues in the first half of 2022 while the net profit stood firm at Dh91.9 million.
On a group level, GP margins remained stable over both the second-quarter and six-month periods, driven by accelerated growth in the logistics and freight-forwarding business and efficiencies in the courier business.
Year to date, the company has sustained a very healthy liquidity profile with positive free cash flows and a cash balance of Dh592 million. Aramex’s strong balance sheet will support the company’s growth strategy, including investments in digital and technological infrastructure as well as its active merger and acquisition pipeline.
During the reporting period, in May 2022, the company distributed FY 2021 dividends of Dh0.13 per share, or Dh190.3 million, to its shareholders.
“One of the greatest changes we have seen in our business in the first half of 2022 is the change in our revenue mix. Our freight-forwarding and logistics business was the star performer, helping offset the softness we have seen in the courier business," Othman Aljeda, chief executive officer of Aramex, said.
He said the double-digit top-line growth of freight-forwarding and the growth in logistics is owed to our strategic investment in expanding our operations and market share, and boosting our capabilities in that business.
"The organic growth year to date is predominately driven by high growth sectors such as industrials, SMEs, retail and pharmaceuticals,” he said.
He added that their focus will be on quality earnings and better efficiencies by optimising resources and strengthening end-to-end product and service offerings across courier, freight, logistics, warehousing, and supply chain.
— muzaffarrizvi@khaleejtimes.com
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