Aramex released its financial results for the nine months ending 30 September 2022. For the nine months, revenue reached AED4.39bn (€1,166m), unchanged from AED4.46bn reported in the same period in 2021. According to the company, a solid performance in freight forwarding was offset by softness in the courier business, attributed to lower volumes in Oceania and North Asia.
For the nine months to Sep 2022, the courier business reported AED2.8bn (€744m), with AED1.64 billion reported by international express and AED1.12 billion reported by domestic express. Comparing the two nine month periods, international express revenue was down 17%, domestic express revenue was down 5%. In terms of volume, international express was down 17% and domestic express was down 7%.
The freight forwarding and logistics business delivered solid growth, with revenues reaching AED1.3bn (€345m) in the first nine months of 2022, predominantly driven by strong demand from industrials, as well as good contributions from other high-growth verticals such as retail, SME businesses and pharmaceuticals across the network.
Q3 2022 revenue declined 2.4% YoY to AED1.42bn, a deceleration compared to the decline reported in Q2 2022 of 3.5% YoY, attributed to lower courier revenues and FX, which was partially offset by strong growth in Freight Forwarding and Logistics.
Source: Aramex
