{"id":74782,"date":"2023-11-09T00:00:00","date_gmt":"2023-11-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/11\/09\/aramex-sees-net-income-fall-76-y-o-y-in-the-face-of-currency-and-macroeconomic-challenges\/"},"modified":"2023-11-09T00:00:00","modified_gmt":"2023-11-09T00:00:00","slug":"aramex-sees-net-income-fall-76-y-o-y-in-the-face-of-currency-and-macroeconomic-challenges","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/11\/09\/aramex-sees-net-income-fall-76-y-o-y-in-the-face-of-currency-and-macroeconomic-challenges\/","title":{"rendered":"Aramex sees net income fall 76% y-o-y in the face of currency and macroeconomic challenges"},"content":{"rendered":"

Aramex\u2019s net income fell <\/strong>again<\/a><\/strong>in 3Q 2023:<\/strong> UAE-based logistics provider Aramex\u2019<\/a> s net income fell 76% y-o-y to AED 9.6 mn in 3Q 2023, attributed to heightened interest costs related to the USD 265 mn acquisition of Florida-based MyUS<\/a>, according to an earnings release (pdf)<\/a>. The normalized net income \u2014 excluding the FX impact and finance loan expenses \u2014 fell 23% y-o-y decline to AED 30.4 mn during the quarter. The company\u2019s revenues during the period fell 5% y-o-y to AED 1.35 bn amid currency fluctuations, macroeconomic challenges, and subdued global retail activity in some of its markets, according to the release.<\/p>\n

The breakdown:<\/strong> Its freight forwarding division saw revenues fall 16% y-o-y to AED 367.9 mn during the quarter, while its logistics and supply solutions division witnessed a 5% y-o-y decline to AED 104.8 mn. Revenues reported for its domestic express services also fell 5% y-o-y to AED 352.6 mn on the back of currency fluctuations, according to the release. The international express unit \u2014 including revenues from MyUS \u2014 was the only division that saw revenues grow 4% y-o-y to AED 511.9, due to improvements in linehaul costs, cost optimization measures, and consolidation with MyUS.<\/p>\n

The good news: The GCC is a strong market. <\/strong>The GCC region is continuing to see an increase in consumer spending, the company said, adding that it saw a 21% y-o-y increase in gross income during the quarter. <\/p>\n

Looking ahead: <\/strong>\u201cOur primary focus will be to deliver outstanding services to customers,\u201d by continuing to enhance trade lanes across all business lines, and focus on \u201cB2B, direct brands,<\/p>\n

SMEs, and premium offerings such as same and next-day deliveries,\u201d Aramex CEO Othman Al Jeda said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The logistics groups revenue also fell 5% 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