Aramex, a provider of comprehensive transportation services and logistics solutions listed on the Dubai Financial Market, announced its financial results for the third quarter ending September 30, 2023, during which it achieved revenues amounting to 1.35 billion dirhams (about 367.5 million dollars) and net profits of 9.6 million dirhams (2.6 million dollars). .
The company said in a statement on Wednesday that the results of this quarter of the year confirmed the extent of the company’s flexibility, and this was evident in the noticeable increase of 4 percent year-on-year in gross profit and earnings before interest, taxes, depreciation and amortization of 134 million dirhams for the third quarter of the year. The year is 2023.
The company attributed this progress to proactive measures to drive operational efficiency, enhance overall performance, and improve the management of the group’s consolidated general and administrative expenses for organic businesses, while prudent cost management led to strong margins in the third quarter, with a gross profit margin of 25 percent and an EBIT margin. And debt amortization by 10 percent.
The GCC region leads the way, contributing a remarkable 40 percent of Aramex’s total revenues, which has maintained a strong balance sheet.
Othman Al-Jeddah, CEO of Aramex, said: “Aramex has succeeded in maintaining its stability and commitment to working according to its strategic framework, which revolves around operational efficiency, recording high-quality sales, and ensuring strict cost management, despite the continued slowdown in global economic growth… Our focus was primarily “We are focused on optimizing costs and maintaining stable operating margins, even in light of currency exchange rate fluctuations and high interest rates.”
Al-Jeddah added: “Thanks to the resilience of consumer spending in the GCC countries, this region is still considered a major driver of growth, as it recorded a 21 percent year-on-year growth in total profits during the third quarter of 2023.”
2023-11-08 15:18:07
#million #Aramex #revenues #quarter
