Aramex announced its financial results for the second quarter (Q2) and first half (H1) ending 30th June 2024.
Net profit remained on an upward trajectory, reaching AED 49.5 million in H1 2024, a significant 15 percent year-on-year (YoY) increase, driven by a 20 percent growth in EBIT and an improved EBIT margin.
The global provider of comprehensive logistics and transportation solutions saw strong revenue contribution from all products with revenue growing by 8 percent YoY in H1 2024 driven by new customer wins and an increased focus on sales specialism.
The performance was further supported by impressive volume growth of 32 percent in International Express, 5 percent in Domestic Express along with strong growth in freight volumes in H1 2024. Revenue performance in Q2 2024 maintained positive momentum, also recording an 8 percent increase, compared to Q2 2023.
The Company posted an increase of 5 percent YoY in Gross Profit in H1 2024 to AED 741 million, and a stable Gross Profit of AED345 million in Q2 2
024. The Gross Profit margin was healthy at 24 percent in H1 2024 and at 23 percent in Q2 2024.
Aramex maintained a strong cash position of AED 457 million and a Net Debt-to-EBITDA ratio of 0.9x as of 30th June 2024. Management’s focus on value creation delivers 40 basis points improvement in ROIC, currently standing at 5.2 percent for H1 2024.
Othman Aljeda, Chief Executive Officer of Aramex, said, “We are pleased to report a good performance in the first half of 2024, which underscores our strategic focus on growth. ”We remain committed to demonstrating the resilience and adaptability of our strategies to market dynamics and creating long-term value for our stakeholders.”
Source : Emirates News Agency