By: Logistics middle east

Aramex, a leading global logistics and transportation solutions provider, reported strong financial results for Q3 2024, achieving significant growth across all product lines. Driven by strong demand in core markets, the company reported an 18% year-on-year (YoY) revenue increase to AED 1.59 billion.

For the first nine months of 2024, revenues rose by 11% to AED 4.63 billion, reflecting Aramex’s strategic focus on expanding services across its International Express, Domestic Express, Freight Forwarding, and Logistics & Supply Chain Solutions divisions.

Strong volume gains across all products

In international express, revenue grew 10% YoY, driven by a 34% increase in shipment volumes, underscoring demand for premium services and cross-border e-commerce.

For domestic express, revenue surged by 27% YoY with an 18% increase in volumes, particularly strong in the GCC and MENAT regions.

In freight forwarding, revenue rose by 22% YoY, supported by growth in air and land freight volumes, despite industry challenges.

Finally, revenue increased by 13% YoY for logistics and supply chain solutions as operations neared full capacity due to the onboarding of new clients.

Othman Aljeda, CEO of Aramex, stated, “Our third-quarter performance demonstrates the resilience of our diversified service offerings and our ability to capture growth in dynamic markets. We continue to prioritise investments in technology, infrastructure, and talent to strengthen our competitive edge.”

Financial performance and profitability

In Q3 2024, Aramex’s gross profit increased 11% year over year to AED 373 million, with a gross profit margin of 23%.

Net profit rose 177% year over year to AED 27 million, positioning Aramex well on its path to meeting its year-end financial targets.

EBITDA also increased by 17% YoY, highlighting strong operational efficiency.

The GCC region was a primary growth driver, recording 21% YoY revenue growth in Q3 2024 and representing 41% of Aramex’s total revenue.

The MENAT region also performed impressively, with a 33% YoY revenue increase, reflecting Aramex’s strengthened position in high-demand markets.