Dubai – Mubasher: Aramex generated net profits worth AED 51.36 million in the first nine months (9M) of 2023, an annual drop from AED 132.29 million.

Basic and diluted earnings per share (EPS) from continuing operations retreated to AED 0.03 in 9M-23 from AED 0.08 a year earlier, according to the interim consolidated income statements.

Total assets reached AED 5.71 billion in 9M-23, versus AED 6.09 billion as of 31 December 2022.

In the third quarter (Q3) of 2023, Aramex posted revenues amounting to AED 1.34 billion, marking a 5% year-on-year (YoY) decline from AED 1.42 billion.

The company’s net profits plummeted to AED 8.69 million in Q3-23 from AED 39.52 million in Q3-22, while the basic and diluted EPS shrank to AED 0.007 from AED 0.025.

Othman Aljeda, CEO of Aramex, said: "In the face of an ongoing global growth slowdown, Aramex remains steadfast in its commitment to a strategic framework centered on operational efficiency, high-quality sales, and stringent cost management. “

‘’The slight softening in revenue can be attributed to global headwinds, FX translations, and reduced retail activities,” Aljeda elaborated.

He added: “However with the resilience of consumer spending in the GCC, the region continues to be a key driver of growth, reporting a 21% YoY growth in gross profit in Q3-23.”

In the first half (H1) of 2023, the UAE company recorded a 53% YoY plunge in net profit to AED 42.86 million, compared to AED 91.87 million.