Dubai – Mubasher: The net profits of Aramex amounted to AED 131.51 million in the first nine months (9M) of 2022, an annual plunge of 27% from AED 179.29 million.
The DFM-listed firm generated revenues worth AED 4.39 billion in the January-September 2022 period, down 1% year-on-year (YoY) from AED 4.45 billion, according to the financial results.
Basic and diluted earnings per share (EPS) from continuing operations declined to AED 0.087 in 9M-22 from AED 0.090 in 9M-21.
During the third quarter (Q3) of 2022, the company’s net profits shrank by 42% YoY to AED 39.64 million from AED 67.81 million, whereas the revenues went down by 2% YoY to AED 1.42 billion from AED 1.46 billion.
Meanwhile, the basic and diluted EPS from continuing operations stood at AED 0.025 during July-September 2022, versus AED 0.021 in the year-ago period.
Othman Aljeda, CEO of Aramex, said: “The strength and resilience of the GCC economies contributed to the stability of our top line year to date in 2022.”
Aljeda continued: “Our diversified customer base has further reduced concentration risk, with our top customer currently contributing 7% of the group’s total revenue.”
He indicated: “The courier business remained resilient with a stable GP margin of 30%, supported by initiatives to improve operational efficiencies and the successful rollout of same-day deliveries and other premium services in the GCC.”
In 6M-22, Aramex reported net profits worth AED 91.87 million, lower by 18% YoY than AED 111.47 million.
