Latest Threads

On August 8, 2024, a notification was sent to Dr. Maryam Butti Al Suwaidi, CEO of the Securities & Commodities Authority, and Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market, regarding a Circular Resolution passed by the Board of Directors of the National Central Cooling Company PJSC ("Tabreed"). This resolution, in accordance with Article 36 of the Disclosure and Transparency Regulations Number 3 for the Year 2000 (as amended), includes the following approvals: a) The resignation of Mr. Khaled Al Qubaisi as Chairman and Board member of the company. b) The appointment of Sheikh Mansoor Mohamed Al Hamed as a Board member, replacing Khaled Al Qubaisi. c) The appointment of Dr. Bakheet Al Katheeri as the Chairman of the Board of Directors.

Aramex reported double-digit net profit growth in the first half of 2024, despite seasonal challenges. The company saw significant year-over-year volume growth in both International Express (32%) and Domestic Express (5%), expanded its customer base, and maintained service levels. Freight Forwarding grew in volumes despite increased rates and competition, while Logistics onboarded new customers, replacing legacy accounts. Revenue grew by 8% year-over-year for both H1 and Q2 2024, driven by new customer wins and volume growth. The company managed costs effectively, maintaining a stable SG&A-to-revenue ratio of 20%, an improvement of 0.7 percentage points over H1 2023. Gross profit increased by 5% year-over-year with a gross profit margin of 24%, and net profit rose by 15% year-over-year, driven by a 20% growth in EBIT and an improved EBIT margin. For the full year 2024, Aramex expects to sustain growth across key product lines, with estimated group revenue growth of 8% to 9% and a gross profit margin of 24% to 25%. The company plans to continue strategic investments in infrastructure and talent. Aramex's balance sheet remains strong with a cash position of AED 457 million and a Net Debt-to-EBITDA ratio of 0.9x as of June 30, 2024. The company's return on invested capital improved by 40 basis points to 5.2% for H1 2024. Financial highlights for Q2 and H1 2024 include: - Q2 2024 revenues: AED 1,496,254 (up 8% YoY) - H1 2024 revenues: AED 3,036,955 (up 8% YoY) - Q2 2024 gross profit: AED 345,131 (no change YoY) - H1 2024 gross profit: AED 740,532 (up 5% YoY) - Q2 2024 EBIT: AED 46,962 (down 11% YoY) - H1 2024 EBIT: AED 139,369 (up 20% YoY) - Q2 2024 EBITDA: AED 134,930 (down 6% YoY) - H1 2024 EBITDA: AED 316,104 (up 7% YoY) - Q2 2024 net profit: AED 2,893 (down 85% YoY) - H1 2024 net profit: AED 49,458 (up 15% YoY)

Aramex PJSC and its subsidiaries have released their unaudited interim condensed consolidated financial statements for the period ending 30 June 2024.

On Thursday, 8 August 2024, Aramex PJSC held a meeting from 3:00 PM to 5:00 PM UAE time, with 8 board members present and an 89% quorum. The meeting included the approval of the company's unaudited interim condensed consolidated financial statements for the second quarter and the first six months ending 30 June 2024, as well as a discussion on business updates and routine matters. The meeting results were recorded by Amanda Dahdah, the Governance Officer and Board Secretary of Aramex PJSC.

Dubai Investments PJSC and its subsidiaries have released their condensed consolidated interim financial statements for the six-month period ending on June 30, 2024.