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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 Nine-month 2021 Revenue Increases 14% to AED 4.46 Billion

Dubai, UAE – Sunday, 7th November 2021: Aramex (DFM: ARMX) a leading global provider of comprehensive logistics and transportation solutions, today announced its financial results for the third quarter (“Q3”) and nine months (“9M”) ending 30 September 2021

In Thousands of AED

(unless otherwise stated)

Q3 2021

Q3 2020

% change (YoY)

9M 2021

9M 2020

% change (YoY)








Operating Profit (“EBIT")







Operating Profit Margin (“EBIT")







Normalized Operating Profit (“EBIT")[1]







Normalized Operating Profit Margin1





















Normalized EBITDA Margin1







Net Profit







Normalized Net Profit[2]








Group Performance Highlights

  • Nine-month 2021 Net Profit decreased by 14% to AED 179 million, compared to AED 208 million in 9M 2020. Excluding one off items in both years3, normalized net profit for the nine-month period decreased 46% YoY to AED 141 million compared to AED 261 million for the same period last year.

  • As a result of prudent financial management, Aramex maintained a strong balance sheet with negative net debt position of AED 357 million, representing a strong cash balance as at end 30 September 2021.

Othman Aljeda, Group Chief Executive Officer, Aramex, said: “The impact of our new redesigned operating model is already starting to reflect positively on our performance. With a renewed emphasis on enhancing operating efficiencies, improving service levels to customers, building scale and reorganization of our team of professionals, we have been able to capture growth opportunities in both the Courier Business, and Logistics & Freight-Forwarding business.

Over the last few months, we have witnessed an almost complete return to pre-Covid operating environment and are noticing a few trends that we believe will continue to shape the future of our business and drive our growth strategy. For our Courier Business, we are seeing a surge in domestic express volumes driven by a significant increase in number of retailers opting to tap online sales channel to satisfy the needs of shoppers that have now increased expectations to buy all products, from necessities to luxuries, online. Notably, we are seeing very strong growth for our business in Saudi Arabia, where we have been and will continue to invest in expanding and ramping up our operations. We are also seeing increased competition in the last mile across all our geographies, especially from relatively smaller and new players in the market. However, with our expertise, scale, strong network, technology-enabled operations, user-friendly customer applications, and strong financial position to fund the expansion of our ground operations, we are well-positioned to continue consolidating our leadership position in last mile solutions within our core markets.

On the B2B side, we are deepening our expertise, leveraging our strategically located hubs and global network to customize our offerings in response to customer needs. This has enabled us benefit from the uptick in global economic activity.

We are also enhancing our efforts towards achieving our sustainability strategy and have signed a commitment with the Science Based Target initiates whereby we will work within well-defined science-based carbon targets to accelerate the Company’s goal towards reducing its emissions in line with the Paris Agreement’s goals of curbing a rise in global temperature to well-below two degrees Celsius and towards supporting the governments of the countries we operate in to reach their respective net-zero emission targets.”

Business Performance Highlights

Courier Business. The courier business which 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.

Financial Highlights

In Thousands of AED

(unless otherwise stated)

Q3 2021

Q3 2020

% change (YoY)

9M 2021

9M 2020

% change (YoY)

Courier Business revenue







International Express revenue







Domestic Express revenue







Courier Business EBIT







Shipment Volumes


Q3 2021 vs. Q3 2020

YoY Change

9M 2021 vs. 9M 2020

YoY Change

International Express



Domestic Express



Total Courier Business




  • In Q3 2021 Domestic Express continued to sustain a solid growth momentum, yet this was offset by a slowdown in cross border activity which led to a 6% YoY decrease in Courier Business Revenue to AED 997.4 million. For the nine-month period, the Courier Business grew 13% YoY to AED 3.1 billion driven by increased activity in both the domestic and international courier services.

  • As the Courier Business continues to scale in response to increasing volumes, during the period the business witnessed an increase in operating costs which led to a 60% YoY decline in Q3 2021 Operating Profit to AED 53.9 million. For the nine-month period, Courier Business’s Operating Profit fell 31% YoY to AED 226 million.

    International Express (including Shop & Ship):

  • With the resumption in international travel over the summer months compared due to an easing in Covid-19 related travel restrictions, International Express witnessed a slowdown, leading to a 16% YoY decrease in Q3 2021 Revenue and 10% drop in volumes. It is worth noting that in the corresponding period of 2020, the world was in full lockdown, which spurred exceptional growth in cross border express shipment activity. For the nine-month period, cross border express witnessed a 12% YoY increase in Revenue to AED 1.98 billion, with noticeable increase from Hong Kong, China and other Asian origins and US into the GCC.

    Domestic Express

  • The boom in e-commerce activity continued to build momentum across all regions, driving a 13% YoY increase in Q3 2021 Revenue to AED 394 million and 6% increase in volumes. Of note, was the strong growth in activity in Saudi Arabia, New Zealand, and Australia. For the nine-month period, Domestic Express produced a 14% YoY increase in Revenue, to AED 1.1 billion.

    Alaa Saoudi, Chief Operating Officer – Express, said: “Our focus so far this year has been on scaling our on the ground operations, especially within our last mile infrastructure, in strategic locations to handle current and expected surge in volumes. Of note, we invested in expanding our presence in Saudi Arabia and have opened a new gateway in Riyadh with a fully-automated state-of-the-art facility, enabling us to handle greater volumes in a more timely and efficient manner and to meet customer expectations of shortened delivery windows across the Kingdom. We are also leveraging data analytics and AI to help us better prepare, plan, and optimize our operations, this will be especially beneficial as we approach the very busy peak shopping season. As for line haul costs, while they remain above pre-Covid levels, they have dropped from their 2020 peak and the capacity issues are subsiding, which translates into slight improvement in margin and reduced delays in cross border activity over the coming periods.”

Logistics & Freight Forwarding. This business unit includes air freight, sea freight, land freight, and warehousing and distribution solutions, serves B2B customer base across multiple industries including oil & gas, healthcare & pharmaceutical, aerospace, retail & fashion, amongst others.

In Thousands of AED

(unless otherwise stated)

Q3 2021

Q3 2020

% change (YoY)

9M 2021

9M 2020

% change (YoY)

Logistics & Freight Forwarding







Freight forwarding revenue







Integrated Logistics & Supply Chain Solutions revenue







Logistics & Freight Forwarding EBIT








  • The Logistics & Freight-Forwarding business’s Q3 2021 Revenue jumped 16% YoY AED 426.4 million driven by a rebound in global economic activity notably from the oil & gas and retail & fashion sectors. The business also continued to see good contribution from more defensive sector such as healthcare & pharmaceuticals. For the nine-month period, Revenue was also up 16% YoY to AED 1.26 billion.

  • In Q3 2021, Operating Profit reached to AED 12.2 million which represents 124% growth YoY, and for the nine-month period, Operating Profit grew by 210% to AED 16.84 million. The growth was due to one-off events in Q3 and the nine-month period, namely the positive impact from insurance collected from the Beirut Blast in 2021, and the negative impact from Beirut Port blast and Morocco warehouse fire incident in 2020.


  • In Q3 2021, the Freight Forwarding business produced a 16% YoY increase in Revenue to AED 318 million, predominantly driven by an increase in activity within the oil & gas industry as well as the retail & fashion industry. For the nine-month period, Revenue of this service line also grew 16% YoY to AED 934.9 million.

    Integrated Logistics & Supply Chain Solutions

  • In Q3 2021 the Integrated Logistics & Supply Chain Solutions business, which includes warehousing, witnessed a 15% YoY growth in Revenue to AED 108.4 million on the back of increased activity from consumer-oriented businesses within the retail & fashion sector as well as the food & beverage sector. For the nine-month period, Revenue for this service line climbed 17% YoY to AED 321.8 million.

    Mohammad Alkhas, Chief Operating Officer – Logistics & Freight-forwarding, said: “We are very encouraged by the recovery in economic activity in the GCC and across the world and believe this growth will be sustained for the foreseeable future. With the improved oil prices, activity within the oil & gas sector is gathering pace. This has also encouraged Governments in the GCC to increase investment and expenditure in key projects. Collectively these factors have supported the growth of the Logistics & Freight-Forwarding business, and we expect this growth momentum to continue well into 2022. Also, retail outlets are restocking inventory for in-store and online shopping, ahead of the busy shopping season, and this too has supported the growth of the business over the reporting period.

    Our expertise in developing and operating a major logistical hub has enabled us to grow our presence in strategic markets, and over the period we invested in major projects across the MENA region to support the growth of e-commerce ecosystem. More specifically we are investing heavily in Saudi Arabia, and have recently inaugurated a major logistics hub in Riyadh that will help us further boost our logistics and freight forwarding capacity and grow our operations and business in the largest, and fast growing, GCC market.”

    While global sea freight issues are disrupting supply chains, the impact on our business has so far been manageable and believe these issues will be resolved in the coming few quarters. Land freight movement has improved considerably, and we are benefitting from increased capacity.”


    Commenting on the outlook for the remainder of 2021, Othman Aljeda said: “As we approach the busiest period for the Courier Business, we are very well prepared to handle the expected surge in volumes and are especially focusing on enhancing our responsiveness to customer needs and demands. While the world returns to relative normalcy, we remain very committed to ensuring the priority of the health and safety of our employees, customers and communities.

    Looking ahead I am very excited with how much potential our new redesigned operating model will enable us to unlock opportunities for our shareholders and wider stakeholders.  We believe we will continue to unlock opportunities and build scale while remaining agile, asset light and financially flexible. We will also further diversify and strengthen our global network to remain resilient to economic cycles and supply chain disruptions.”

[1] Excluding the impact from insurance collected for the Beirut Port blast amounting to AED 6,610 thousand in 2021.

Excluding the impact from Beirut Port blast (AED 7,712 thousand) and Morocco warehouse fire incident (AED 45,173 thousand) in 2020.

[2] Excluding the impact from the completion of the sale of InfoFort (AED 31,608 thousand) and insurance collected from the Beirut Blast (AED 6,610 thousand) in 2021.

Excluding the impact from Beirut Port blast (AED 7,712 thousand) and Morocco warehouse fire incident (AED 45,173 thousand) in 2020.

[3] Excluding the impact from the completion of the sale of InfoFort (AED 31,608 thousand) and insurance collected from the Beirut Blast (AED 6,610 thousand) in 2021.

Excluding the impact from Beirut Port blast (AED 7,712 thousand) and Morocco warehouse fire incident (AED 45,173 thousand) in 2020.