Aramex lost momentum in Q4/2022
Dubai-based Aramex has reported its preliminary financial results for the company’s Q4/2022 and FY/2022. In Q4/2022, the group concluded the acquisition of My US, a global technology-driven platform that enables cross-border e-commerce.
In total, Aramex’s FY/2022 revenues were comparable to the level of FY/2021, while due to the downswing in Q4/2022, revenues in this quarter decreased by 5% to USD 420 million year-on-year.
The company said that growth in key regions including the neighbouring GCC and other Menat countries was offset by weaknesses in other markets, e.g. by currency devaluation in some operating countries, primarily in Lebanon and Egypt.
Othman Aljeda, CEO of Aramex, added more figures: “We grew our freight product by 27% while raising its gross profit by 51%, and for our logistics product, we focused on quality revenue and reached 85% utilisation of our warehouses while increasing gross profit by 58%." (sh)