Aramex’s freight segment clocks 29% revenue jump

Dubai-based logistics company Aramex reported double-digit Q3 revenue growth from its Logistics & Freight Forwarding segment. Revenue from the division increased in Q3 by 29% year over year to AED550 million ($149.7 million), according to Dubai-based Aramex’s Q3 earnings report released Wednesday. The segment’s Q3 gross profit climbed 34% YoY to $18.9 million. Growth was predominantly driven by strong demand from industrials as well as contributions from other high-growth verticals including retail, SME businesses and pharmaceuticals across the network, according to the earnings report. [caption id="attachment_66357" align="alignright" width="440"] Photo/Dubai Airport[/caption] Air freight volumes in Q3 dipped 5% YoY to 11,800 tonnes but were up 17% YoY during the first nine months of the year to almost 41,000 tonnes. The company’s global Q3 revenue totaled just over $381.1 million, down 2% YoY. Net profit from continuing operations increased 18% YoY to $10 million. Courier segment Revenue from Aramex’s core Courier segment — which includes International Express, Domestic Express, and offers delivery and last-mile solutions serving B2B and B2C customers — dropped 15% YoY to $248.5 million. The company’s International Express business was affected by a reduction in cross-border volumes in North Asia and the Gulf Cooperation Council, as well as softening volumes in other markets due to macroeconomic conditions and normalization of volumes post-COVID, according to the earnings report. Aramex’s Courier segment has started receiving shipments from Italy, the Netherlands and the Czech Republic as part of an initiative to build international lanes in partnership with European parcel delivery giant DPDgroup. Acquisition finalized In October, Aramex completed its acquisition of Florida-based Access USA Shipping (MyUS), a global technology platform that enables cross-border e-commerce, for approximately $265 million — the company’s largest purchase to date. In 2021, MyUS generated more than $100 million in revenue and delivered 1.1 million packages to customers who shop from retailers based in the U.S., U.K. and China. In October 2021, GeoPost/DPDgroup, a subsidiary of the French state-owned postal group La Poste, acquired a 21.6% stake in Aramex. Join Air Cargo World for our next webinar, “Dangerous goods in focus: Shoring up air cargo logistics,” on Tuesday, Nov. 15, at 11 a.m. ET. Click here for more information and to register.

Aramex’s freight segment clocks 29% revenue jump

A rare sight: flying wine

Amazon continues growing its network despite headwinds

Related Posts

Challenge Group launches engine dolly at LGG

New de minimis executive action targets Chinese retailers

CVC willing to bump DB Schenker bid after losing to DSV

Amazon continues growing its network despite headwinds

Cargo Facts Free Newsletters

Cargo Facts Connect Podcast

Follow Us

Welcome Back!

Retrieve your password