Aramex PJSC Approves 2024 Financial Reports
Aramex PJSC recently held its annual general meeting, approving key financial reports and decisions for 2024.
Summary
Aramex PJSC approved its 2024 financial reports, decided against cash dividends, and appointed Ernst & Young as auditors for 2025.
Aramex PJSC, a leading logistics and transportation company based in the United Arab Emirates, recently conducted its annual general meeting (AGM) on March 20, 2025. The meeting was held both virtually and in person at the company's premises in Umm Ramool, Dubai. Chaired by Mr. Mohamed Juma Alshamsi, the AGM saw a quorum of 60.88% of capital representation.
The meeting focused on reviewing and approving several critical financial documents and proposals for the year ended December 31, 2024. The Board of Directors' report on the company's activities and financial position was approved, along with the auditor's report. Additionally, the company's balance sheet and profit and loss account for 2024 received the green light.
In a notable decision, the Board recommended not to distribute cash dividends for 2024, a move that was also approved. This decision might be seen as a conservative approach to retain earnings for potential future investments or to strengthen the company's balance sheet.
The Board of Directors' remuneration was set at AED 4,400,000, and both the Board members and the company's external auditors were absolved from any liability for the year. Ernst & Young was appointed as the auditors for the financial year ending December 31, 2025, with their fees set at AED 6,941,214.
These resolutions indicate Aramex's commitment to maintaining a robust governance structure and ensuring transparency in its financial dealings. The decision not to distribute dividends might initially disappoint some investors looking for immediate returns. However, it could signal the company's intention to focus on long-term growth and stability.
For investors, the decision to hold or sell Aramex shares should be carefully considered. The lack of immediate cash dividends might be a deterrent for those seeking short-term gains. However, the company's strategic decisions and focus on long-term growth could make it a worthwhile hold for those with a more extended investment horizon.
In conclusion, while Aramex's recent AGM decisions might not provide immediate financial gratification, they underscore a strategic focus on sustained growth and financial health. Investors should weigh these factors carefully when deciding their next move.
Source
Summary
On March 20, 2025, Aramex PJSC held a meeting chaired by Mr. Mohamed Juma Alshamsi, with a quorum of 60.88% of capital. The meeting, conducted electronically and in-person in Dubai, approved several resolutions for the year ending December 31, 2024. These included the approval of the Board of Directors' report, the Auditor’s report, the company's balance sheet, and profit and loss account. The recommendation not to distribute cash dividends was also approved, along with the Board of Directors’ remuneration of AED 4,400,000. The members of the Board and the external auditors were absolved from any liability. Ernst & Young was appointed as the auditors for the financial year ending December 31, 2025, with fees set at AED 6,941,214. The meeting also approved the Board Members’ Remuneration Policy, with no special resolutions taken. The meeting details were authorized by Amanda Dahdah, Governance Officer and Board Secretary.
