Dubai – Mubasher: Aramex logged net profits valued at AED 23.90 million in the first quarter (Q1) of 2023, an annual plunge of 49% from AED 47.30 million.

The DFM-listed company posted a 1% decline in revenue to AED 1.43 billion in the first three months (3M) of 2023, compared to AED 1.44 billion in Q1-22, according to the consolidated interim financial results.

Basic and diluted earnings per share (EPS) from continuing operations retreated to AED 0.01 during Q1-23 from AED 0.03 in Q1-22.

Othman Aljeda, CEO of Aramex, said: “In a quarter when our industry globally continued to face headwinds from cost inflation, base rate rises, softening shipment volumes, and FX fluctuations, we are proud to present a stable and resilient financial and business performance for the first three months (3M) of 2023.”

“We continued to both drive revenue quality and benefit from our sustained investment in efficiency, and our performance vs industry means we are confident in unlocking the potential of our rebalanced business model,” Aljeda continued.

He underlined: “Three of our four business lines increased gross profit year-on-year (YoY), and we maintained a stable Profit in productivity.”

During the 12-month period that ended on 31 December 2022, Aramex posted a 27% YoY drop in net profit to AED 165.37 million, versus AED 225.54 million.