Aramex PJSC Reports Robust Q3 2024 Performance with Double-Digit Growth Across All Segments
Aramex PJSC, a leading global logistics and transportation solutions provider, has released its financial results for the third quarter of 2024, showcasing strong performance across all product lines.
Summary
Aramex PJSC reported an 18% YoY revenue growth in Q3 2024, driven by strong performance across all product lines. The company's gross profit increased by 11% YoY, despite a slight decline in gross profit margin. Aramex's strategic focus on cost control and operational efficiency continues to yield positive results, positioning the company well for future growth.
Aramex PJSC Reports Robust Q3 2024 Performance with Double-Digit Growth Across All Segments
Aramex PJSC, a leading global provider of comprehensive logistics and transportation solutions, has announced its financial results for the third quarter (Q3) and first nine months (9M) of 2024, ending 30 September 2024. The company has reported strong performance across all product lines, leading to significant revenue and profit growth.
Key Performance Indicators
| KPI | Q3 2024 | Q3 2023 | % Change (YoY) | 9M 2024 | 9M 2023 | % Change (YoY) |
|---|---|---|---|---|---|---|
| Revenues (AED) | 1,592,356 | 1,349,678 | 18% | 4,629,311 | 4,170,013 | 11% |
| Gross Profit (AED) | 373,061 | 334,657 | 11% | 1,113,593 | 1,038,202 | 7% |
| Gross Profit Margin | 23% | 25% | - | 24% | 25% | - |
| EBIT (AED) | 68,121 | 44,709 | 52% | 207,490 | 160,468 | 29% |
| EBIT Margin | 4% | 3% | - | 4% | 4% | - |
| EBITDA (AED) | 156,770 | 133,866 | 17% | 472,874 | 430,323 | 10% |
| EBITDA Margin | 10% | 10% | - | 10% | 10% | - |
| Net Profit (AED) | 26,685 | 9,642 | 177% | 76,143 | 52,510 | 45% |
| Net Profit Margin | 2% | 1% | - | 2% | 1% | - |
Analysis and Comparison with Older Reports
In Q3 2024, Aramex achieved an 18% year-on-year (YoY) revenue growth to AED 1.59 billion, with all product lines contributing significantly. International Express, Domestic Express, Freight Forwarding, and Logistics & Supply Chain Solutions experienced YoY growth rates of 10%, 27%, 22%, and 13%, respectively. The company's gross profit grew by 11% YoY to AED 373 million, although the gross profit margin slightly decreased to 23% from 25% in the previous year.
Comparing the 9M 2024 results with the same period in 2023, Aramex's revenues rose by 11% to AED 4.63 billion, and gross profit increased by 7% to AED 1.11 billion. The EBIT and EBITDA margins remained stable, reflecting the company's effective cost control and operational efficiency strategies.
Conclusion
Aramex's strong Q3 2024 performance demonstrates its ability to adapt to market conditions and capitalize on growth opportunities across its product lines. The company's focus on operational efficiency and strategic investments positions it well for sustained growth. However, the slight decline in gross profit margin indicates potential pressures that may need addressing. Overall, Aramex's financial health and strategic initiatives make it an attractive option for investors.
Source
Summary
The document is the unaudited interim condensed consolidated financial statements for Aramex PJSC and its subsidiaries, covering the period ending on September 30, 2024.
