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Aramex’s Revenue in FY 2020 Increases 9% to Record AED 5,510 million

  • Efficient and agile operations underpinned by strong digital backbone and robust financial position enabled Aramex to handle 21% growth in International and Domestic Express Volumes during 2020
  • Company’s strong cash standing positions it favorably to consider value-enhancing deals in 2021

Financial summary

In AED (unless otherwise stated)

Q4 2020

Q4 2019

% change (YoY)

FY 2020

FY 2019

% change (YoY)


1,598 million

1,418 million


5,510 million

5,068 million


Net Income2

77.0 million

152.5 million


285.0 million

497.4 million


Normalized Net Income3

116.7 million

152.5 million


377.6 million

497.4 million


EBITDA Margin2







Normalized EBITDA Margin3







International & Domestic Express Volume (% growth)








  1. With reference to disclosure announced to the markets on 4 February 2021 on Aramex entering a definitive and binding agreement to sell InfoFort and in line with IFRS-5 to disclose InfoFort and its subsidiaries assets and liabilities held for sale, and discontinued operation for Q4 2020 and Q4 2019 and FY 2020 and FY 2019.
  2. In line with Aramex’s prudent and transparent financial disclosure, EBITDA and Net Income for Q4 and FY 2020 include one-offs and other non-recurring provisions including:
    • A non-recurring provision in Q3 and Q4 2020 to cover the damages resulted from warehouses’ fire incidents in Beirut and Morocco
    • Expected Credit Loss (ECL) on the bank balances of Aramex Lebanon as per the requirements of International Reporting Financial Standard (IFRS 9)
  3. EBITDA Margin and Net Income excluding the one-offs and non-recurring provisions.

Cash Position


As of 31st December, 2020

As of 31st December, 2019

Total Cash

1,255 million

1,000 million

Free Cash

441 million

294 million


Dubai, UAE – Tuesday, 9th February 2021: Aramex (DFM: ARMX), a leading global provider of comprehensive logistics and transportation solutions, today announced its financial results for the Fourth Quarter (Q4 2020) and Full Year (FY 2020) ending 31 December 2020.

In Q4 2020, Revenue increased 13% to AED 1,598 million, compared to AED 1,418 million reported in Q4 2019. This marks the Company’s highest fourth quarter Revenue on record. Q4 is typically a busy shopping season and with more and more consumers turning to e-commerce to buy goods and gifts due to travel and other COVID-19 related restrictions, this supported Aramex’s top line growth for the three-month period. For the year, Aramex’s Revenue was AED 5,510 million, an 9% increase versus FY 2019 and the highest Revenue on record, as COVID-19 accelerated e-commerce activities. [1]

In 2020, the Company’s cost base witnessed an unexpected increase as line haul costs – costs associated with long distance transportation – rose and the cost to scale last mile operations to accommodate the surge in Express volumes from e-commerce also increased. There was an increase in other costs related to COVID-19, including Personal Protective Equipment (PPE) for Company employees and sanitization of facilities and fleet. Combined, these higher expenditures ultimately weighed on FY 2020 EBITDA margins, which came in at 13.8%, down from 18.2% in FY 2019. In addition to the higher cost base in Q4 2020, EBITDA margins were weighed by non-core and one-off provisions of:

  • AED 18.4 million was additionally booked in Q4 2020 in relation to warehouse fire incident incurred in Q3 2020; and
  • AED 21.3 million in estimated credit loss on the Company’s bank deposits in Lebanon, a prudent provision in light of the deteriorating liquidity and banking conditions in that country.

Aramex reported a Net Profit of AED 77.0 million in Q4 2020, primarily due to the above-mentioned one-off provisions. However, excluding these provisions, Net Income would have been AED 116.7 million, down 23% year-on-year, mainly attributable to the higher operating cost environment. For FY 2020, Net Income was AED 285 million, down by 42.7% from AED 497.4 million for the year ago period, and normalized Net Income for the period was AED 377.6 million, down 24.1% year-on-year.

Despite the increase in costs and after accounting for provisions, Aramex remains in a very strong cash position thanks to prudent financial management. At the end of 2020, Aramex’s total cash stood at AED 1,255 million and free cash flow of AED 441 million. Moreover, the agreement to sell InfoFort will strengthen Aramex’s balance sheet and result in a more focused group, consistent with the Company’s long-term strategy to focus its operations on the core logistics solutions services.

Captain Mohamed Juma Alshamsi, Chairman of Aramex said: “In 2020, Aramex demonstrated its operational resilience and agility to respond swiftly to fast-changing operational conditions thanks to our strong digital infrastructure, robust financial position, experienced management team and the incredibly determined people that were on the ground getting the job done. Moreover, over the last 12 months, Aramex reinforced its reputation as a trusted brand that can deliver high levels of service in a reliable, safe and timely manner under unprecedented circumstances.

As the global economy recovers from the pandemic and the global vaccination drive gathers pace, we are optimistic about the future of our industry. Demand-side fundamentals are encouraging as more and more businesses will depend on us to move and deliver shipments globally and domestically. Supply-side, we anticipate a consolidation of market participants, creating stronger, more efficient, and technology-powered logistics service providers that are better able to offer customized solutions. At Aramex, we will look to further strengthen our leadership position in our core markets while continuing to make inroads into servicing industries that have high volume and growing demand, with the intention of creating greater value for our shareholders and other stakeholder alike.”

Bashar Obeid, Chief Executive Officer of Aramex, said: “Throughout the year we remained focused on executing on both the digital transformation roadmap, to enhance operational efficiencies and service levels, and on our commercial strategy, to diversify revenue and expand our B2B business. On the digital front, we invested in several technologies with a strategic focus on further improving consumer experience and supporting the growth of the B2B segment. On the commercial front, we were incredibly successful in expanding our services and increasing the number of customers and total volume of shipments handled in the healthcare and FMCG sectors. We are excited about the prospects from both those defensive industries and will continue to build our capacity and capabilities to service and accelerate our growth in those segments.

Over the past few years, customers have become increasingly price sensitive, which means Aramex’s focus will be on maximizing efficiencies to ultimately bolster profitability. While 2020 profitability margins were squeezed by higher costs – due to COVID-19 – and one-off provisions, we believe our investments in technology and other pro-efficiency initiatives will lead to higher synergies, and will reflect positively on our profitability over the coming periods.

In 2020, we also remained focused on executing on several Sustainability initiatives including testing electric vehicles in Saudi Arabia and commissioning the second solar farm in Dubai to power our warehouses. Our efforts over the last several years continues to reap positive results and I am happy to report that we reduced our carbon emissions by 6% in 2020, and we managed to increase the number of beneficiaries of our sustainability initiatives to more than 360,000 persons around the world.”

Q4 2020 Business Performance Highlights:

Aramex's International Express business jumped 18% to AED 796 million, compared to AED 673 million in Q4 2019. The increase is predominately driven by growth in e-commerce from USA, Europe and Asia origins into the GCC.

Domestic Express surged 19%, to AED 387 million, compared to AED 324 million in Q4 2019. A surge in e-commerce activity led to a 37% increase in e-commerce volumes in core markets, notably from Saudi Arabia, UAE and Kuwait. There was also good growth from Australia and New Zealand.

Freight-Forwarding reported revenue of AED 280 million down 5%, from AED 294 million in Q4 2019 on the back of the decline in activity from the oil and gas and fashion retail segment. However, the healthy and encouraging growth from other segments, especially healthcare and FMCG, helped offset some of the weakness from the Company’s more established business verticals.

Aramex’s Logistics & Supply Chain Solutions business witnessed a 4% year on year growth to AED 101 million and rebounding from Q2 2020 lows. This was mainly attributed to growth from very promising and strategic sectors including healthcare and FMCG. In December, the Company joined the Hope Consortium, spearheaded by Department of Health – Abu Dhabi, to safely deliver vaccine vials in over 170 countries.

Thomas Kipp, Chief Operating Officer at Aramex, said: “While 2020 was riddled with operational hurdles, we managed to end the year on a strong footing. In Q4 we handled a record volume in Express shipments and witnessed a strong rebound in volumes in our International Express from the Q2 2020 lows. We also expanded our operations to handle crucial and temperature sensitive shipments from both the healthcare and FMCG segments. Our investments in cold chain solutions, capabilities and temperature-controlled infrastructure will continue to service that growing customer segment. On the last mile front, we were very well positioned to efficiently handle our highest ever Domestic Express volumes for the busiest shopping season of the year.

For the year, however, we saw a significant increase in cost per kilo of shipment due to constrained sea freight and air freight capacity and higher overall line haul costs. This is why we are looking at ways to redesign our line haul network including chartering our own flights on certain routes. To that end, in late 2020 we began expanding operations in one of our core markets strategically located hubs, Abu Dhabi, to help us achieve our time definite service. As of Q1 2021 we will begin chartering our own flights from Abu Dhabi to other GCC markets.”

Full Year 2020 Business Performance Highlights:

Aramex's International Express business jumped 10% to AED 2,573 million, compared to AED 2,349 million in 2019. The second half of the year staged a strong recovery from a weak first half, as lockdown measures eased and there was a gradual return to normal business operations. However, margins came under pressure from higher line haul costs.

Domestic Express business surged 23% to AED 1,362 million, compared to AED 1,108 million in 2019, driven by the rise in domestic e-commerce across GCC and Australia. In core markets, e-commerce volumes skyrocketed 74% as more and more consumers relied on e-commerce to buy all types of goods – from essentials to non-essentials.

Aramex's Freight-Forwarding business declined by 5% to AED 1,085 million, compared to AED 1,138 million in 2019 due to weakness in oil & gas and traditional retail market.

Logistics & Supply Chain Solutions business increased 6% to AED 375 million, compared to AED 355 million in 2019, due to solid growth from very promising and strategic sectors including healthcare and FMCG.

Commenting on the outlook for 2021, Bashar Obeid said: “Going into 2021 Aramex will have an increased focus on servicing the healthcare and FMCG segment and we will double down our investment in operations and relevant technologies to service those defensive segments. More broadly, we believe we have entered a new era for e-commerce. As an increasing number of consumers depend on online shopping for essentials as equally as luxury goods, we must continue to enhance and expand our e-commerce operations, especially in the last mile, to defend our market position in core markets. From an industry perspective, we are adjusting to lower margins because of more competitive pricing and higher cost environment. Therefore, to continue delivering value to shareholders, one of strategies we are actively pursuing is strategic acquisitions with a focus on core markets. Our strong cash position, low leverage and robust capital structure positions us favorably to capitalize on attractive opportunities in 2021.

As a business, our strategic priorities will remain to execute on our digital transformation which will help us realize synergies and boost our profitability and to broaden our b2b business to diversify our revenue sources, enabling us to continue to grow through various market cycles. We will remain steadfast in the execution of our sustainability initiatives – which are an integral and integrated part of our Aramex.”

[1] It is worth noting that in line with IFRS 5, Revenue and subsequent income statement line items for Q4 and FY 2020 and Q4 and FY 2019 periods have been adjusted to exclude income from Information Fort (LLC) “InfoFort”, since it has been classified as a discontinued operation, assets and liabilities held for sale following the announcement made to the market on 4 February 2021 that Aramex has entered into a definitive and binding agreement to sell InfoFort. Aramex will fully disclose the details of the transaction upon closing, which is expected in the third quarter of 2021.


Aramex Q1 Net Profit Increases 3% YoY to AED 47 million

  • Significant and sustained growth in Freight-Forwarding and Logistics Business supports profit growth
  • Stabilizing margins in the Courier Business driven by improving cost and operational efficiencies
  • Redesigned operating model is creating value through higher operational efficiencies and cost optimization
  • Robust balance sheet, low leverage and healthy cash position supports active M&A plans

Dubai, UAE – Thursday, 12th May 2022: Aramex (DFM: ARMX) a leading global provider of comprehensive logistics and transportation solutions, today announced its financial results for the first quarter (“Q1”) ended 31st March 2022.

In Thousands of AED

Q1 2022

Q1 2021

% Change






Operating Profit




Normalized Operating Profit




Operating Profit Margin




Normalized Operating Profit Margin








Normalized EBITDA








Normalized EBITDA Margin




Net Profit




Normalized Net Profit




Net Profit Margin




Normalized Net Profit Margin





Financial Performance Highlights

  • Q1 2022 Revenues rose 2% YoY to AED 1.45 billion driven by strong performance in Logistics & Freight-Forwarding Business.
  • Redesigned operating model focuses on improving operational efficiencies and cost optimization, this has led to a 13% YoY decline in Selling expenses while General and Administrative Expenses (SG&A) costs declined by 1%.
  • Net Profit for Q1 2022 rose 3% YoY to AED 47 million. Excluding the impact of write-offs from discontinued technologies, Normalized Net Profit for the period increased 14% YoY to AED 52 million.
  • Aramex maintained a strong balance sheet position with debt-to-equity ratio of 46.8%, and a solid cash balance of AED 762 million as at 31 March 2022, supporting Company’s active M&A pipeline.


    Othman Aljeda, Chief Executive Officer of Aramex, said: “Aramex is off to a strong start in 2022. We produced a solid financial and business performance as we continue to execute on our ambitious growth strategy delivered through our recently redesigned and more focused operating model.

    Notably, we are starting to see a stabilization in our profitability margins. This is predominantly attributed to the strategic decision to boost contribution from the Freight-Forwarding and Logistics Business to our revenue mix. It is also driven by improving global operating conditions, as well as the realization of cost and operating efficiency enhancements in the Courier Business.

    We continue to be committed to delivering at the highest levels of service to our customer through strategic investments. The latest investment in our global technology infrastructure ensured we were well-prepared for the Ramadan peak season. This allowed us to successfully manage 15% more peak load without any service interruption.

    Despite increasing cost inflationary pressures, ongoing supply chain disruptions from geopolitical uncertainties and pandemic-induced lockdowns in Asia, we remain agile and competitive to ensure we continue to grow and defend our market share across the business while delivering exceptional service to all our customers.”

    Business Performance Highlights

    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.


    Courier Business Financial Highlights

    In Thousands of AED

    Q1 2022

    Q1 2021

    % Change


    Courier Business Revenue




    Courier Business Operating Profit




    International Express Revenue




    Domestic Express Revenue





    Courier Business Shipment Volumes


    Q1 2022

    Q1 2021

    % Change


    International Express




    Domestic Express









  • In Q1 2022, the Courier Business Revenue fell 9% YoY to AED 911 million driven by a slowdown in the cross-border business compared to the same period last year. This is attributed to an increased level in consumer travel which impacted demand for e-commerce. Meanwhile, Domestic Express Revenue held firm at AED 353 million versus the same period a year ago.
  • Despite the softening in volumes, gross profit margin held steady compared with Q1 2021. This was achieved by improving cost and operational efficiencies through automation of warehouses, implementation of AI solutions across the entire value chain, and scaling up presence for a more efficient last mile operations through the network of PUDO locations (pick-up/drop-off) as well as Aramex SPOT and Aramex FLEET.
  • As part of Aramex’s collaboration with DPDgroup, the Company became the 1st Express company in Morocco to be authorized to handle the Express business by road freight from France to Morocco.


    Alaa Saoudi, Chief Operating Officer – Express, said: “The Covid-19 years of 2020 and 2021 were a black swan event for Aramex. We witnessed unexpected surges in volumes because of the global lockdown. However, over the past three months as most countries reopen and the majority of consumers return to normal shopping habits, we inevitably saw a softening in volumes in cross-border express. However, in the Domestic Express business, we are encouraged by the volumes. Achieving near Q1 2021 volumes is impressive and suggests that despite a resumption to life as normal, consumers have adapted to a new way of local shopping, and we believe this will continue to drive sustain growth in this segment.

    During the period, we invested in initiatives to support our growth strategy and execute on our commitment in facilitating global trade. We launched a new premium service offering in the GCC, in response to market needs. Across our global operations, we continued to enhance the last mile infrastructure. In Europe, we deepened our collaboration with DPDgroup’s entities in Spain and France, and also upgraded our facility in Czech Republic to serve as an entry and exit point for Eastern Europe. In addition, we are in the process of opening new lanes in North Asia to enable trade into South Africa and Australia.”

    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.


    Logistics & Freight Forwarding Business Financial Highlights

    In Thousands of AED

    Q1 2022

    Q1 2021

    % Change


    Logistics & Freight-Forwarding Revenue




    Freight-Forwarding Revenue




    Integrated Logistics & Supply Chain Solutions Revenue




    Logistics & Freight-Forwarding EBIT





    Freight-Forwarding Shipment Volumes


    Q1 2022

    Q1 2021

    % Change


    Land Freight (FTL)




    Land Freight (LTL KGs)




    Sea Freight (FCL TEU)




    Sea Freight (LCL CBM)




    Air Freight (KGs)





  • In Q1 2022, Logistics & Freight-Forwarding revenues rose 28% YoY to AED 503 million on the back of strong performance of the Freight business, as well as the steady pace of growth of the Logistics business.
  • Freight-Forwarding revenues surged 36% YoY to AED 391 million in Q1 2022, predominantly driven by solid demand from SMEs and strong recovery in business activity in the oil & gas sector. The segment also benefitted from organizational restructuring including hiring more specialists.
  • Integrated Logistics & Supply Chain Solutions revenues witnessed a 7% increase to AED 112 million in Q1 2022, on the back of strong retail activity, increased volumes from oil and gas clients, and increasing number of consumer businesses expanded their reach through e-commerce platforms.


    Mohammad Alkhas, Chief Operating Officer – Logistics & Freight-Forwarding, said: “Over the past three months we sustained our growth momentum. Supported by our revamped operating model, we built deeper expertise and understanding of the business, market dynamics and customer needs. Our enhanced capabilities helped us gain significant market share across several major industry verticals including oil and gas, while providing tailored solutions to SME businesses.

    Looking ahead, we are committed to accelerate our growth agenda by implementing cost and operational efficiency initiatives, hiring more specialists, leveraging the right data systems, and upgrading our Freight-Forwarding partnership network.”

    Sustainability Updates

  • During the quarter, Aramex upgraded two solar farms in Jordan and received approval for the installation of a new solar farm in Egypt.


    Corporate Updates

  • Aramex’s Board of Directors have passed a resolution to increase the Foreign Ownership Limit to 100% from 49%, making it the first onshore UAE company listed on the Dubai Financial Market to allow for full ownership of its free-floating shares by foreign investors.
  • Aramex is a constituent of the FTSE Emerging Market Index and the MSCI Small Cap Emerging Market Index. The change in foreign ownership is expected to increase the stock’s available foreign room which would result in an increase of the stock’s weight in these indices, followed by an increase in passive money flows.

  • Outlook

    Commenting on the outlook for 2022, Othman Aljeda said: “Amid an inflationary backdrop and dynamic macroeconomic conditions, we are focused on delivering value for our customers, partners, and shareholders. With a clear roadmap for each of our business clusters, I am confident in Aramex’s ability to build on the strong momentum we achieved during the quarter. Supported by a robust balance sheet, low leverage and healthy cash position, we are ready to pursue value-accretive acquisitions over the course of the year to ensure we deliver on our global growth strategy. We are also looking forward to exploring and unlocking greater synergistic opportunities with our strategic shareholders, GeoPost / DPDgroup and Abu Dhabi Ports.”