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Aramex Q4 2023 profit more than doubles to $21m

The GCC and Menat continued to account for half of Aramex revenue and gross profit in Q4 2023 Aramex
The GCC and Menat continued to account for half of Aramex revenue and gross profit in Q4 2023

Dubai-listed logistics company Aramex said net profit more than doubled to AED 76.78 million ($20.90 million) in the fourth quarter of 2023 from AED33.86 million a year ago.

The company reported a marginal one percent year-on-year decline in Q4 2023 revenue to AED1.52 billion, despite challenging market conditions and currency fluctuations.

“Q4 2023 has proven to be exceptional, marked by record quarterly international express volumes and improved profitability of the group,” said CEO Othman Aljeda.

The GCC and Middle East, North Africa & Turkey (Menat) continued to account for half of the company’s total group revenue and gross profit in Q4 2023.

“Despite mixed economic indicators across these markets, we achieved growth in gross profit of six percent in the GCC and 32 percent in Menat. Our global operations are expanding, and we see opportunities across our key international markets.”

Full-year profit fell 22 percent year on year to AED129.29 million due to an increase in finance expenses associated with the MyUS acquisition loan taken in Q4 2022 and the currency translation impact. 

Revenue was down four percent year on year at AED5.69 billion.

Aljeda said that the company is witnessing an excellent start to 2024, a year during which its strategic focus remains on securing quality revenue across its four products and enhancing efficiencies to improve profitability.

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