ARAMEX PJSC

Aramex, a global logistics and transportation solutions provider, has reported its Q1 2024 financial results. The company's net profit doubled compared to the same period in the previous year. Group revenue grew by 8% YoY, with solid contributions from all products. International Express and Domestic Express were key drivers of this growth, while Freight Forwarding showed resilience with a 3% increase amid global shipping challenges. The company's focus on sales and operational efficiency resulted in improved margins across Gross Profit, EBIT, and EBITDA. Aramex maintains a strong cash position of AED 571 million and a Net Debt-to-EBITDA ratio of 0.8x.

The text refers to the unaudited interim condensed consolidated financial statements of Aramex PJSC and its subsidiaries as of 31st March 2024. This document will provide a summary of the company's financial performance and position for this period, though it has not been audited by an independent party.

On 9th May 2024, Aramex PJSC held a board meeting from 3:00 PM to 5:45 PM UAE time, with 100% quorum from the nine board members present. The company's unaudited interim condensed consolidated financial statements for Q1 2024 were approved. Additionally, the company's business updates and routine matters were discussed. The meeting was authorized by Amanda Dahdah, the Governance Officer and Board Secretary of Aramex PJSC.

Mr. Hamed Ahmed Ali, the Chief Executive Officer of the Dubai Financial Market, received a letter from Amanda Dahdah, the Governance Officer and Board Secretary of Aramex PJSC. The letter, dated 6 May 2024, informs him about an upcoming earnings call for Aramex PJSC. The meeting is scheduled to take place on 14 May 2024 at 4:00 PM UAE time, to discuss the company's financial results for the first quarter, which ended on 31 March 2024.

Aramex PJSC is set to hold a meeting on Thursday, 9 May 2024 at 3:00 PM UAE time. The agenda includes the discussion for approval of the company's unaudited interim condensed consolidated financial statements for the first quarter ending 31 March 2024, and a discussion of the company's business updates and routine matters. The notice is signed by Amanda Dahdah, the Governance Officer and Board Secretary of Aramex PJSC.

The text is a clarifying disclosure regarding the approval of agencies, as per Clauses 1 and 2 of Article 40 of the Corporate Governance Manual. It states that any shareholder who has the right to attend the General Assembly can delegate someone who is not a Board member or a staff member of the company to attend and vote on their behalf. This delegate, however, cannot represent more than 5% of the company's issued capital. The shareholder's signature on the power of attorney must be approved by a recognized authority. The proxy form should include the contact information of the shareholder and the brokerage firm that approved the proxy. For further inquiries, readers are directed to a provided phone number and email address.

On February 8, 2024, Aramex PJSC held a board meeting with nine members present. The board approved the audited financial results for the fiscal year ending on December 31, 2023, and decided to invite the Annual General Assembly for a meeting on March 21, 2024, pending approval from the Securities and Commodities Authority. The board discussed capital allocation priorities, including deleveraging the balance sheet and reducing interest expenses to boost growth and net income. Consequently, it recommended not distributing dividends for the ended fiscal year. Other company business updates and routine matters were also discussed. The meeting was signed off by Amanda Dahdah, the Governance Officer and Board Secretary of Aramex PJSC.

Aramex, a global logistics and transportation solutions provider, reported a 2x growth in Q4 2023 Group Net Income, achieving the highest-ever quarterly volumes in International Express, despite challenging market conditions and currency fluctuations. However, the growth was offset by a decline in revenues from other products, including Freight Forwarding and Domestic Express and Logistics products. The company's Gross Profit improved by 2% YoY in Q4 2023 to AED 389 million, largely due to efficiency maximizing initiatives and cost optimization. Despite a decrease in revenue, the EBITDA for Q4 2023 surged by 33% to AED 197 million and 2% YoY in FY 2023, achieving a healthy EBITDA margin of 13% in Q4 2023, and 11% for the fiscal year.

On Thursday, 8 February 2024, Aramex PJSC held a board meeting which lasted from 3:00 PM to 4:45 PM UAE time. Nine board members were present at the meeting. The board approved the audited financial results for the fiscal year ended 31 December 2023 and discussed the company's business updates and routine matters. They also decided to invite the Annual General Assembly to hold its meeting on Thursday, 21 March 2024, pending approval from the Securities and Commodities Authority regarding the time, date, and agenda of the meeting. The meeting was authorized by Amanda Dahdah, the Governance Officer and Board Secretary of Aramex PJSC.