{"id":70753,"date":"2023-05-15T00:00:00","date_gmt":"2023-05-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/05\/15\/aramex-sees-net-income-fall-49-y-o-y-amid-global-headwinds\/"},"modified":"2023-05-15T00:00:00","modified_gmt":"2023-05-15T00:00:00","slug":"aramex-sees-net-income-fall-49-y-o-y-amid-global-headwinds","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/05\/15\/aramex-sees-net-income-fall-49-y-o-y-amid-global-headwinds\/","title":{"rendered":"Aramex sees net income fall 49% y-o-y amid global headwinds"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Aramex 1Q 2023 net income falls 49% y-o-y, revenues remain almost flat: <\/span><span style=\"\">G<\/span><span style=\"\">lobal <\/span><span>logistics provider Aramex\u2019s net income plunged 49% y-o-y to AED 47.3 mn in 1Q 2023, amid a decline in global shipping volumes and inflationary pressures, according to its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/733.pdf\" style=\"\">earnings release (pdf)<\/a><\/span><span>. Interest expenses associated with its acquisition o<\/span><span>f e-commerce platform <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.myus.com\/about\/news\/myus-acquisition-by-aramex\/\" style=\"\">MyU<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.myus.com\/about\/news\/myus-acquisition-by-aramex\/\" style=\"\">S<\/a><\/span><span style=\"font-weight:400;\"> and currency devaluations in some of Aramex\u2019s markets also dragged down revenues, which fell marginally by 1% to AED 1.43 bn, according to the statement. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The breakdown: <\/span><span>Its freight forwarding division saw revenues fall 1% to AED 385 mn, while its logistics and supply chain solutions division saw revenues fall 5% to AED 107 mn.<\/span><span style=\"font-weight:400;\"> Revenues for domestic express fell 4% to AED 362 mn on the back of FX impacts in Egypt, Lebanon, South Africa and other MENAT countries, the earnings release said. The International Express unit, on the other hand, saw 1% growth in revenues to AED 567 mn. Performance was buoyed by the company\u2019s operations in the GCC \u2014 which accounted for 39% of total revenues \u2014 and \u201csolid revenue growth in Europe and North America outbound markets,\u201d the earnings release added.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Also helping buoy operations: <\/span><span>The company<\/span><span style=\"font-weight:400;\"> moved to hedge exposures to FX fluctuations by taking on more USD-denominated contracts, the company said.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Looking ahead:<\/span><span style=\"font-weight:400;\"> \u201cThe continued growth in the GCC economies, and the expectation that inflationary pressures around the world may peak and then decline significantly show some signs of optimism towards the end of the year,\u201d CEO Othman Aljeda said, adding that the key differentiator for the company in the months ahead is its \u201cability to invest in technology, along with our geographic and business line diversification which offers competitive advantage.\u201d <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company\u2019s net income fell due to the normalization of shipping volumes, as well as inflationary pressures<\/p>\n","protected":false},"author":1,"featured_media":70754,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[175],"tags":[174,17,25],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-70753","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterprise-logistics","tag-logistics","wpautop","entry"],"acf":{"mongo_id":"ffec1c72-254c-4954-97e5-d4d19b14d2c7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/765.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Aramex sees net income fall 49% y-o-y amid global headwinds","related_issue":[70740],"teaser":"The company\u2019s net income fell due to the normalization of shipping volumes, as well as inflationary pressures","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.28e67d37-1a61-427d-88e2-d1e24708bb72.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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