Dubai, UAE: Aramex, a global provider of logistics and transportation solutions, reported a marginal 1 percent YoY decline in Q4 2023 revenue to AED 1.52 billion.
Full-year revenue was AED 5.69 billion, a decline of 4 percent YoY. When excluding the impact of currency translation, full year revenue decline was 1 percent compared to reported decline of 4 percent, Aramex said in a statement.
The statement said the revenue growth in International Express was offset by the decline in revenues from other products.
Freight forwarding was impacted by the decline in global rates in the freight-forwarding industry, while the Domestic Express and logistics businesses reported marginal decline in revenues, impacted by currency translation.
Excluding the impact of currency translation, both products reported growth of 2 percent in revenue for the full year 2023.
The company posted a 2 percent YoY growth in gross profit for Q4 2023, reaching AED 389 million and remained stable for the full year. Net Profit for Q4 2023 more than doubled to AED 77 million compared to the same period last year, driven by the growth in EBITDA.
