Dubai – Mubasher: Aramex registered net profits of AED 165.37 million in 2022, a year-on-year (YoY) decrease of 27% from AED 225.54 million.
The earnings per share (EPS) fell to AED 0.11 last year, compared with AED 0.15 in 2021, according to the preliminary results.
The company generated revenues worth AED 5.92 billion during January-December 2022, down by 2% from AED 6.06 billion in the same period a year earlier.
The total assets of Aramex reached AED 6.11 billion at the end of December 2022, higher than AED 5.39 billion in 2021.
Financial Results for Q4-22
During the fourth quarter (Q4) of 2022, the DFM-listed company achieved net profits of AED 33.86 million which came 27% lower than AED 46.25 million in Q4-21.
The revenues also shrank by 5% to AED 1.53 billion in Q4-22 from AED 1.61 billion in Q4-21.
The CEO of Aramex, Othman Aljeda, said: “We ended the year as a stronger and more agile business with four well defined products and a clear growth strategy for the next five years.”
Aljeda added: “In 2022 we stabilised our gross profit margin for the group, as well as for our domestic and international express products; we grew our freight product by 27% while increasing its gross profit by 51%, and for our logistics product, we focused on quality revenue and reached 85% utilisation of our warehouses while increasing gross profit by 58%.”
Outlook
The CEO of Aramex noted that Aramex looks forward to contributing to business growth by supporting trade across key lanes and delivering what matters most to the customers, adding: “53% of our global revenue originates from these two regions. Accordingly, we are strengthening our sales teams with new hires in 2023.”
Aljeda indicated that the five-year business strategy adopted by Aramex provides a clear roadmap for business growth and long-term delivery for all stakeholders.
He stated: “We have earmarked AED 2.40 billion in capital expenditure over the next five years to sustain our organic growth plans. We also have several M&A opportunities in the pipeline, as inorganic growth is a key component of our growth strategy. Our strong cash position will help us fund some of these acquisitions.”
During the first nine months (9M) of 2022, Aramex logged net profits of AED 131.51 million, compared to AED 179.29 million in 9M-21.
The revenues totalled AED 4.39 billion in the January-September 2022 period, lower than AED 4.45 billion in 9M-21.
