Aramex on Thursday announced its financial results for the first quarter (Q1) ending 31st March 2023. Aramex’s Q1 2023 revenues were driven by stable performance in International Express and the resilience of the freight-forwarding and logistics and supply chain solutions businesses.

Revenue continued to be impacted by currency fluctuations, inflationary pressures, and normalisation of worldwide shipping flows. However, despite softening revenues, the Company demonstrated resilience in volumes and margin improvements.

For the Q1, 2023 period, Gross Profit was up 4 per cent to Dhs358 million compared to Dhs344 million in Q1, 2022, while the corresponding Gross Profit Margin for Q1, 2023 was reported at 25 per cent. Aramex’s Q1, 2023 revenues declined marginally by 1 per cent YoY to Dhs1.43 billion, reflecting the robustness of its revamped operating model amid global headwinds.

Othman Aljeda, Chief Executive Officer, Aramex, said, “In a quarter when our industry globally continued to face headwinds from cost inflation, base rate rises, softening shipment volumes and FX fluctuations, we are proud to present a stable and resilient financial and business performance for the first three months of 2023. We continued to both drive revenue quality and benefit from our sustained investment in efficiency, and our performance vs industry means we are confident in unlocking the potential of our rebalanced business model.”

The Selling, General and Administrative Expenses (SG&A) costs for the organic business, which excludes MyUS, declined 3 per cent YoY, reflecting the Company’s disciplined cost optimisation drive, while consolidated Group SG&A costs increased by 6 per cent mainly due to the addition of MyUS.