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Aramex posts Dh4.39b revenue in first 9 months of 2022
Resilient GCC economies underpinned group revenue growth; Robust balance sheet, conservative leverage, and strong cash position support expansion and M&A plans and investments in digital and tech infrastructure
Aramex said revenue was also impacted by the devaluation of currencies in certain markets.
Aramex on Thursday announced that its nine-month revenue reached Dh4.39 billion, relatively unchanged from the Dh4.46 billion in the same period last year as the solid performance in freight forwarding was offset by the softness in the courier offering, which is attributed to lower volumes in Oceania and North Asia.
In a statement, the Dubai-based global provider of comprehensive logistics and transportation solutions, said revenue was also impacted by the devaluation of currencies in certain markets.
The company posted 18 per cent year-on-year growth in net profit to Dh37 million during the third quarter of 2022 and said net profit from discontinued operations includes profits incurred in Q3 2021 from InfoFort sale last year.
Year to date, the company has sustained a very healthy liquidity profile with consistent positive free cash flow, a cash balance of Dh635 million, and a debt-to-EBITDA ratio of 0.8x, excluding IFRS 16. Aramex’s strong balance sheet will support the company’s growth strategy including investments in digital and technological infrastructure as well as its active M&A pipeline, the statement said.
Othman Aljeda, chief executive officer of Aramex, said the strength and resilience of the GCC economies contributed to the stability of our top line year to date in 2022.
“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. Our diversified customer base has further reduced concentration risk, with our top customer currently contributing seven per cent of the group’s total revenue,” he said..
He said the courier business remained resilient with a stable GP margin of 30 per cent, supported by initiatives to improve operational efficiencies and the successful rollout of same-day deliveries and other premium services in the GCC. The freight-forwarding business continues to be our strong performer, registering double-digit growth in both the three-month and nine-month periods.
“We remain cognizant of global macro activity, and believe that our dominant position in the GCC, a region which is enjoying economic expansion and relatively optimistic consumer sentiment, will continue to support our resilient performance,” he said.
“The fourth quarter of 2022 marks the first quarter that we are consolidating MyUS, a global technology-driven platform that enables cross-border e-commerce, into Aramex operations, and we look forward to unlocking further value over the long term through revenue and cost synergies,” he said.
— muzaffarrizvi@khaleejtimes.com
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