The preliminary financial results and other information disclosed in this press release related to the Company’s Q4 2021 and FY 2021 performance are unaudited preliminary numbers and therefore, are subject to change. As a result, the Company’s audited financial accounts for Q4 2021 and FY 2021 may vary from the preliminary information contained in this press release.
In Thousands of AED
(unless otherwise stated)
|
FY 2021
|
FY 2020
|
% Change (YoY)
|
Q4 2021
|
Q4 2020
|
% Change (YoY)
|
Revenues
|
6,068,805
|
5,510,300
|
10%
|
1,611,545
|
1,598,346
|
1%
|
Operating Profit (“EBIT")
|
306,739
|
399,549
|
(23%)
|
59,713
|
89,166
|
(33%)
|
Operating Profit Margin (“EBIT")
|
5.1%
|
7.3%
|
(2.2%)
|
3.7%
|
5.6%
|
(1.9%)
|
Normalized Operating Profit (“EBIT")*
|
300,639
|
510,461
|
(41%)
|
57,521
|
147,193
|
(61%)
|
Normalized Operating Profit Margin*
|
5%
|
9.3%
|
(4.3%)
|
3.6%
|
9.2%
|
(5.6%)
|
EBITDA
|
676,404
|
741,376
|
(9%)
|
150,717
|
179,603
|
(16%)
|
EBITDA Margin
|
11.1%
|
13.5%
|
(2.4%)
|
9.4%
|
11.2%
|
(1.8%)
|
Normalized EBITDA Margin*
|
11.2%
|
15.5%
|
(4.3%)
|
9.7%
|
14.9%
|
(5.2%)
|
Net Profit
|
225,373
|
266,651
|
(15%)
|
46,078
|
58,649
|
(21%)
|
Normalized Net Profit*
|
183,285
|
377,564
|
(51%)
|
39,504
|
116,676
|
(66%)
|
At Aramex, we continued to provide our customers with best services levels, and continued to promote our crucial role in enabling cross border trade. We are also proud of the key role we played in providing the necessary infrastructures and processes for safely distributing Covid-19 vaccines. We continue to dedicate resources to support countries around the globe with their vaccine campaigns, further supporting their recovery.
Our market leading position and strong reputation has attracted an international peer, GeoPost, to become a strategic investor in Aramex. Their investment is a testament to the significant growth opportunities that Aramex is well positioned to capture in the mid to long term. As we look forward, we plan to continue exploring multiple synergistic opportunities and our focus on creating value for our shareholders and all our stakeholders.”
Othman Aljeda, Chief Executive Officer, Aramex, said: “2021 demonstrated our ability to capture growth opportunities spurred by a buoyant e-commerce market and good recovery in certain industries, while simultaneously implementing a fully redesigned operating model. The Logistics and Freight-Forwarding business produced outstanding results in a short period of time, and we continued to capture greater market share in the Domestic Express business despite an increasingly crowded last mile delivery sector in our core markets.
Our customer-first approach means we are absorbing a higher cost of doing business to ensure we continue to respond to customer needs, defend and grow our market share, despite the ongoing supply chain disruptions caused by the pandemic. As a result, our margins remain under pressure. While the pressures will likely continue in 2022, we have a defined strategy to grow the business and improve the profit margins. This includes investment in technology and operational optimization initiatives to strengthen and grow our business across all markets.”
Courier Business. Aramex’s courier business includes International Express and Domestic Express offers delivery and last mile solutions serving the B2B and B2C customer base including Shop & Ship, e-commerce, FMCG, SMEs and others.
|
In Thousands of AED
(unless otherwise stated)
|
FY 2021
|
FY 2020
|
% Change (YoY)
|
Q4 2021
|
Q4 2020
|
% Change (YoY)
|
Courier Business revenue
|
4,143,962
|
3,935,398
|
5%
|
1,043,644
|
1,183,088
|
(12%)
|
International Express revenue
|
2,654,796
|
2,573,330
|
3%
|
671,393
|
796,493
|
(16%)
|
Domestic Express revenue
|
1,489,166
|
1,362,069
|
9%
|
372,251
|
386,596
|
(4%)
|
Courier Business EBIT
|
267,662
|
457,704
|
(42%)
|
41,367
|
129,229
|
(68%)
|
|
FY 2021
|
FY 2020
|
% Change (YoY)
|
Q4 2021
|
Q4 2020
|
% Change (YoY)
|
Number of shipments
(International Express)
|
25,756,639
|
24,695,684
|
4%
|
6,052,494
|
7,200,502
|
(16%)
|
Number of shipments
(Domestic Express)
|
108,226,277
|
96,632,684
|
12%
|
29,436,845
|
27,811,708
|
6%
|
Total Number of Shipments
(Courier Business)
|
133,982,916
|
121,328,368
|
10%
|
35,489,339
|
35,012,210
|
1%
|
Domestic Express:
Logistics & Freight Forwarding. Aramex’s Logistics & Freight Forwarding business includes air freight, sea freight, land freight, and warehousing and distribution solutions. It serves B2B customer base across multiple industries including oil & gas, healthcare & pharmaceutical, aerospace, retail & fashion, amongst others.
|
In Thousands of AED
(unless otherwise stated)
|
FY 2021
|
FY 2020
|
% Change (YoY)
|
Q4 2021
|
Q4 2020
|
% Change (YoY)
|
Logistics & Freight-Forwarding
|
1,760,407
|
1,459,594
|
21%
|
503,692
|
380,605
|
32%
|
Freight-Forwarding revenue
|
1,325,551
|
1,084,731
|
22%
|
390,676
|
279,847
|
40%
|
Integrated Logistics & Supply Chain Solutions revenue
|
434,856
|
374,862
|
16%
|
113,016
|
100,758
|
12%
|
Logistics & Freight-Forwarding EBIT
|
36,983
|
(68,184)
|
154%
|
20,213
|
(46,771)
|
143%
|
Freight-Forwarding Shipment Volumes
|
FY 2021
|
FY 2020
|
% Change (YoY)
|
Q4 2021
|
Q4 2020
|
% Change (YoY)
|
Land Freight
(FTL)
|
23,737
|
10,736
|
121%
|
7,498
|
3,175
|
136%
|
Land Freight
(LTL KGs)
|
27,853,731
|
13,855,624
|
101%
|
8,215,829
|
3,783,841
|
117%
|
Sea Freight
(FCL TEU)
|
30,215
|
42,547
|
(29%)
|
5,913
|
11,897
|
(50%)
|
Sea Freight
(LCL CBM)
|
179,322
|
140,399
|
28%
|
26,970
|
29,450
|
(8%)
|
Air Freight (KGs)
|
49,123,007
|
39,321,985
|
25%
|
11,594,436
|
11,621,351
|
0%
|
Freight-Forwarding
Outlook
Commenting on the outlook for 2022, Othman Aljeda said: “We enter 2022 with a clear strategy to deliver our growth ambitions. Our new operating model will enable us to be better prepare to capitalize on the steady global economic recovery and grow our market share within both the Logistics & Freight Forwarding and the Courier Business.
We expect e-commerce to sustain a good growth momentum in 2022 and beyond. That is why for our Courier Business, we will be focused on driving new trade lanes for the global e-commerce market while positioning ourselves as the premier last mile solutions provider to businesses of all sizes in our core markets. Aramex has the benefit of scale, and we continue to solidify our position through expansion of our ground operations and fleet in core markets. We are also focusing on a differentiated premium product offer, as well as the end-to-end solution for the customer. Moreover, we have a clear strategic roadmap for automation of handling and sortation operations which will lead to better service levels and cost savings. We will continue to rely on data analytics and AI to optimize predictions, planning and route optimization to enhance every mile of the first to last mile journey.
Aramex Logistics currently accounts for a little under a third of our revenues and we intend to grow this to approximately half of total group revenues over the next few years. Our strategic priorities will focus on investing in a greener infrastructure, optimizing operational efficiencies, and strengthening our footprint in key growth markets including Egypt and KSA. We will also continue to transform how we serve SMEs and startup businesses customers by providing them innovative solutions including on-the-go warehousing solutions that are flexible and quick to set up.
Acquisitions remain a key enabler of our growth. To that end, we are seeking attractive and value accretive investment opportunities in markets that will enable trade flows into MENAT, and help us to further grow our global footprint.
*Extraordinary Items
In Thousands of AED
(unless otherwise stated)
|
FY 2021
|
FY 2020
|
% Change (YoY)
|
Q4 2021
|
Q4 2020
|
% Change (YoY)
|
Reported EBIT
|
306,739
|
399,549
|
(23%)
|
59,713
|
89,166
|
(33%)
|
Extraordinary Items:
|
|
|
|
|||
Less: Morocco provision reversal
|
(18,473)
|
-
|
(18,473)
|
-
|
|
|
Less: Morocco insurance refund
|
(6,243)
|
-
|
(6,243)
|
-
|
|
|
Less: Lebanon insurance refund
|
(6,611)
|
-
|
-
|
-
|
|
|
Less: Lebanon provision reversal
|
(2,339)
|
-
|
(2,339)
|
-
|
|
|
Add: Expected Credit Losses on Banks-Lebanon
|
5,491
|
21,301
|
2,788
|
21,301
|
|
|
Add: Morocco Fire provision
|
-
|
45,173
|
-
|
-
|
|
|
Add: Lebanon port blast provision
|
7,712
|
|
|
|
||
Add: Morocco Legal Provision
|
-
|
36,726
|
-
|
36,726
|
|
|
Add: Lebanon translation impact
|
22,076
|
-
|
22,076
|
-
|
|
|
Normalized EBIT
|
300,639
|
510,461
|
(41%)
|
57,521
|
147,193
|
(61%)
|
|
|
|
|
|
|
|
|
|
|
||||
In Thousands of AED
(unless otherwise stated)
|
FY 2021
|
FY 2020
|
% Change (YoY)
|
Q4 2021
|
Q4 2020
|
% Change (YoY)
|
Reported Net Income
|
225,373
|
266,651
|
(15%)
|
46,078
|
58,649
|
(21%)
|
Extraordinary Items:
|
|
|
|
|||
Less: Morocco provision reversal
|
(18,473)
|
-
|
(18,473)
|
-
|
|
|
Less: Morocco insurance refund
|
(6,243)
|
-
|
(6,243)
|
-
|
|
|
Less: Lebanon insurance refund
|
(6,611)
|
-
|
-
|
-
|
|
|
Less: Lebanon provision reversal
|
(2,339)
|
-
|
(2,339)
|
-
|
|
|
Less: InfoFort Gain
|
(31,606)
|
-
|
-
|
-
|
|
|
Add: Expected Credit Losses on Banks-Lebanon
|
5,491
|
21,301
|
2,788
|
21,301
|
|
|
Add: Morocco Fire provision
|
-
|
45,173
|
-
|
-
|
|
|
Add: Lebanon port blast provision
|
7,712
|
|
|
|
||
Add: Morocco Legal Provision
|
-
|
36,726
|
-
|
36,726
|
|
|
Add: Lebanon translation impact
|
17,695
|
-
|
17,695
|
-
|
|
|
Normalized Net Income
|
183,285
|
377,564
|
(51%)
|
39,504
|
116,676
|
(66%)
|