ARAMEX PJSC

Aramex, a leading global logistics and transportation solutions provider, reported a resilient performance in H1 2023 despite challenging market conditions. The company's revenue was AED 2.8 billion, a 5% YoY decline. The Gross Profit Margin remained steady at 25% in both H1 and Q2 2023. The company's effective cost management is evident in a 12% decline in SG&A expenses in Q2 2023. Net income was AED 42.8 million in H1 2023, a significant decrease compared to AED 91.9 million in H1 2022, due to increased financial expenses and a softening topline. Despite challenging trends in International Express volumes, the company's domestic volumes were resilient. The GCC accounted for 39% of total revenues, reporting a 3% growth in Gross Profit in Q2 2023.

Aramex, a global provider of logistics and transportation solutions, has signed a joint venture agreement with AD Ports Group, a facilitator of global trade and logistics. The partnership aims to develop and operate a new Non-Vessel Operating Common Carrier (NVOCC) enterprise. Aramex will hold a 49% stake in the new venture, which plans to service the freight-forwarding industry with tailored solutions for ocean-bound container cargo. The focus will be on enhancing shipping connectivity across the GCC, Indian, and East and West African markets. The initial target is to handle 10,000 containers, with plans to increase this number in the medium to long term. This agreement is part of both parties' efforts to further develop the global freight industry and enhance supply chain connectivity along key international trade lanes.