Dubai: Aramex recorded a 8 per cent increase in revenue for H1, which the logistics and transportation provider attributed to new customer wins and volume growth.
Net profit showed a steady rise of 15 per cent growth in the first half of this year, driven by a 20 per cent growth in core earnings and an improved profit margin.
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 delivered a healthy revenue growth and a net profit increase in H1-2024, despite a challenging Q2-2024."
The company's performance was further supported by impressive volume growth of 32 per cent in its international Express, 5 per cent in its domestic along with strong growth in freight volumes in H1-2024. Revenue performance in Q2-2024 maintained positive momentum, also recording an 8 per cent increase, compared to Q2-2023.
"Q2-2024 was expected to be a softer quarter for the company, impacted by seasonality and loss of productive days. The impact was further amplified due to adverse weather conditions in the UAE causing operational disruptions and slowdowns in business and consumer activity for nearly a week," it said in a statement.
"Therefore, due to the impact and shift in seasonality between these quarters, it is more relevant to look at the half year performance in 2024 as an indication of this year’s financial situation and progress compared to last year."
Aramex is poised to sustain its growth momentum across key product lines in the second half of the year and is expected to deliver a good performance for the full year 2024 with an estimated growth of 8 per cent to 9 per cent in group revenues and an approximate gross profit margin of 24 per cent to 25 per cent.
