Aramex 2Q 2023 net income falls 57% y-o-y: Global logistics provider Aramex’s net income plunged 57% y-o-y to AED 19 mn in 2Q 2023, amid heightened financial costs and FX volatility in some of its markets, according to an earnings release (pdf). The company’s revenues during the period fell 8% y-o-y to AED 1.4 bn, on the back of softening volumes. Net income during 1H 2023 also fell 53% y-o-y to AED 42.9 mn, while revenues fell 5% y-o-y to AED 2.8 bn.

The breakdown: Its freight forwarding division saw revenues fall 14% y-o-y to AED 358.6 mn during the quarter, while its logistics and supply chain solutions division witnessed a 5% y-o-y drop to AED 106.2 mn. Revenues reported for its Domestic Express services decreased 6% y-o-y to AED 351.4 mn on the back FX translations, the earnings release added. The International Express unit saw revenues fall 5% y-o-y to AED 561.1 mn amid a global downturn in shipping.

Looking ahead: “Our focus in the second half of the year will remain firmly on cost reduction and further efficiencies on operating expenses and selling, general and administrative expenses, so that we can continue to be a very well-positioned, disciplined and agile business, with a strong balance sheet and key competitive strengths for the long-term,” Aramex’s CEO Othman Aljeda said.

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