Income Statement Aramex

Equities

ARMX

AEA002301017

Air Freight & Logistics

Market Closed - Dubai FM Other stock markets 14:44:54 21/01/2026 +04			5-day change	1st Jan Change
2.190 ^AED	0.00%		-1.35%	-3.52%

01-15	Aramex Appoints Abbas Panju as Senior Vice President for GCC and India Regions	CI
01-02	Mideast stocks-UAE stocks mixed in first session of 2026 amid Saudi-UAE rift	RE

246ada5e0338.i43TjYiHXmCbgDe967pCWrOQVp8qlgJn9-_GNhluu3o.-cSS2d_yKjSrwUfTheUkAsboFfca0lI2oIaBdCg-0hzGuavS_cw7L_rEZg

Published financial data: ARAMEX

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	5.51B	6.07B	5.93B	5.69B	6.32B
Total Revenues	5.51B	6.07B	5.93B	5.69B	6.32B
Cost of Goods Sold, Total	3.98B	4.64B	4.5B	4.27B	4.81B
Gross Profit	1.53B	1.43B	1.42B	1.43B	1.51B
Selling General & Admin Expenses, Total	1.01B	1.16B	1.17B	1.15B	1.23B
Provision for Bad Debts	25.32M	15.64M	17.53M	19.81M	-
Other Operating Expenses	-14.33M	-29.53M	-23.45M	-16.83M	-15.92M
Other Operating Expenses, Total	1.02B	1.15B	1.16B	1.16B	1.22B
Operating Income	510M	285M	265M	270M	295M
Interest Expense, Total	-65.64M	-60.09M	-72.77M	-128M	-121M
Interest And Investment Income	10.45M	6.41M	4.93M	8.37M	4.8M
Net Interest Expenses	-55.19M	-53.68M	-67.84M	-120M	-116M
Income (Loss) On Equity Invest.	11M	10.23M	9.2M	5.57M	2.53M
Currency Exchange Gains (Loss)	-1.22M	-14.62M	-17.4M	-3.8M	582K
Other Non Operating Income (Expenses)	-21.3M	-912K	1.43M	-	-
EBT, Excl. Unusual Items	443M	226M	190M	152M	182M
Merger & Related Restructuring Charges	-	-	-	-	-
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-417K	2.94M	-4.93M	87K	1.05M
Other Unusual Items	-87.72M	33.67M	1.29M	-	-
EBT, Incl. Unusual Items	355M	262M	187M	152M	183M
Income Tax Expense	109M	81.47M	25.67M	22.71M	45.8M
Earnings From Continuing Operations	246M	181M	161M	130M	137M
Earnings Of Discontinued Operations	21.81M	46.25M	4.37M	-1.33M	6.34M
Net Income to Company	268M	227M	165M	128M	144M
Minority Interest	-1.56M	-1.46M	-7K	891K	-1.71M
Net Income - (IS)	267M	226M	165M	129M	142M
Net Income to Common Incl Extra Items	267M	226M	165M	129M	142M
Net Income to Common Excl. Extra Items	245M	179M	161M	131M	135M
Per Share Items
Net EPS - Basic	0.18	0.15	0.11	0.09	0.1
Basic EPS - Continuing Operations	0.17	0.12	0.11	0.09	0.09
Basic Weighted Average Shares Outstanding	1.46B	1.46B	1.46B	1.46B	1.46B
Net EPS - Diluted	0.18	0.15	0.11	0.09	0.1
Diluted EPS - Continuing Operations	0.17	0.12	0.11	0.09	0.09
Diluted Weighted Average Shares Outstanding	1.46B	1.46B	1.46B	1.46B	1.46B
Normalized Basic EPS	0.19	0.1	0.08	0.07	0.08
Normalized Diluted EPS	0.19	0.1	0.08	0.07	0.08
Dividend Per Share	0.13	0.13	0.1	-	-
Payout Ratio	90.6	84.39	115.09	107.95	-
Supplemental Items
EBITDA	626M	401M	387M	398M	424M
EBITA	519M	290M	270M	284M	309M
EBIT	510M	285M	265M	270M	295M
EBITDAR	-	-	-	405M	438M
Effective Tax Rate - (Ratio)	30.66	31.07	13.75	14.9	25.03
Total Current Taxes	114M	89.7M	51.78M	20.5M	49.46M
Total Deferred Taxes	-5.12M	-8.23M	-26.11M	2.22M	-3.66M
Normalized Net Income	276M	140M	119M	96.12M	112M
Non-Cash Pension Expense	38.38M	33.81M	35.07M	8.41M	17.12M
Supplemental Operating Expense Items
Marketing Expenses	-	-	-	248K	18K
Selling and Marketing Expenses	221M	273M	258M	309M	340M
General and Administrative Expenses	792M	888M	908M	842M	888M
Net Rental Expense, Total	-	-	-	6.98M	14.35M
Imputed Operating Lease Interest Expense	-	-	-	3.36M	7.05M
Imputed Operating Lease Depreciation	-	-	-	3.62M	7.3M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	-	-	-	-	-

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	1B	712M	759M	567M	507M
Short Term Investments	243M	48.04M	2.78M	1.86M	300K
Total Cash And Short Term Investments	1.25B	760M	762M	569M	507M
Accounts Receivable, Total	1.09B	1.22B	1.13B	1.09B	1.1B
Other Receivables	81.02M	99.01M	60.79M	93.88M	-
Total Receivables	1.17B	1.32B	1.19B	1.18B	1.1B
Prepaid Expenses	40.38M	53.34M	55.36M	51.72M	53.34M
Restricted Cash	-	2.22M	-311K	-	-
Other Current Assets, Total	378M	159M	182M	132M	243M
Total Current Assets	2.84B	2.29B	2.19B	1.94B	1.91B
Gross Property Plant And Equipment	2.86B	2.88B	2.88B	3.03B	3.07B
Accumulated Depreciation	-1.01B	-1.05B	-1.14B	-1.29B	-1.38B
Net Property Plant And Equipment	1.85B	1.84B	1.74B	1.75B	1.69B
Long-term Investments	65.25M	55.09M	42.63M	52.58M	49.39M
Goodwill	1.14B	1B	1.76B	1.75B	1.73B
Other Intangibles, Total	216M	201M	324M	310M	299M
Deferred Tax Assets Long-Term	7.79M	8.01M	28.14M	26.11M	33.35M
Other Long-Term Assets, Total	4.8M	4.12M	5.91M	7.02M	13.43M
Total Assets	6.12B	5.4B	6.09B	5.83B	5.73B
Liabilities
Accounts Payable, Total	329M	344M	325M	326M	331M
Accrued Expenses, Total	596M	523M	550M	496M	522M
Short-term Borrowings	68.06M	153M	131M	2.85M	4.02M
Current Portion of Long-Term Debt	543M	27.42M	38.86M	48.5M	21.26M
Current Portion of Leases	187M	180M	182M	177M	180M
Current Income Taxes Payable	78.16M	62.55M	46.04M	36.68M	35.18M
Unearned Revenue Current, Total	25.57M	20.47M	23.15M	15.3M	15.47M
Other Current Liabilities	512M	312M	224M	199M	183M
Total Current Liabilities	2.34B	1.62B	1.52B	1.3B	1.29B
Long-Term Debt	162M	137M	1.09B	1.07B	912M
Long-Term Leases	701M	755M	757M	772M	757M
Unearned Revenue Non Current	-	18.3M	15.04M	13M	-
Pension & Other Post Retirement Benefits	149M	149M	165M	170M	197M
Deferred Tax Liability Non Current	58.36M	42.11M	30.83M	36.2M	34.75M
Other Non Current Liabilities	-	-	-	-	9.81M
Total Liabilities	3.41B	2.72B	3.57B	3.36B	3.2B
Common Stock, Total	1.46B	1.46B	1.46B	1.46B	1.46B
Retained Earnings	1.91B	1.94B	1.92B	1.91B	2.04B
Treasury Stock	-	-	-	-	-6.84M
Comprehensive Income and Other	-687M	-740M	-871M	-909M	-977M
Total Common Equity	2.69B	2.67B	2.51B	2.46B	2.52B
Minority Interest	16.3M	10.82M	8.86M	6.55M	7.04M
Total Equity	2.71B	2.68B	2.52B	2.47B	2.52B
Total Liabilities And Equity	6.12B	5.4B	6.09B	5.83B	5.73B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.46B	1.46B	1.46B	1.46B	1.46B
ECS Total Common Shares Outstanding	1.46B	1.46B	1.46B	1.46B	1.46B
Book Value / Share	1.84	1.82	1.71	1.68	1.72
Tangible Book Value	1.34B	1.46B	427M	401M	487M
Tangible Book Value Per Share	0.91	1	0.29	0.27	0.33
Total Debt	1.66B	1.25B	2.2B	2.07B	1.87B
Net Debt	415M	493M	1.43B	1.5B	1.37B
Debt Equivalent of Unfunded Proj. Benefit Obligation	149M	149M	164M	-	-
Debt Equivalent Oper. Leases	-	-	-	55.83M	115M
Minority Interest, Total (Incl. Fin. Div)	16.3M	10.82M	8.86M	6.55M	7.04M
Equity Method Investments, Total	39.8M	37.45M	24.96M	35.01M	31.42M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	86.12M	84.16M	76.59M	79.28M	74.45M
Buildings, Total	552M	526M	517M	532M	523M
Machinery, Total	721M	761M	785M	793M	784M
Accumulated Allowance for Doubtful Accounts (Supple)	87.8M	92.04M	95.92M	94.46M	64.24M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	267M	226M	165M	129M	142M
Depreciation & Amortization - CF	334M	366M	366M	349M	339M
Amortization of Goodwill and Intangible Assets - (CF)	8.86M	5.06M	5.01M	13.56M	14.14M
Depreciation & Amortization, Total	343M	371M	371M	363M	354M
(Gain) Loss From Sale Of Asset	417K	-413K	11.39M	-87K	-1.11M
(Gain) Loss on Sale of Investments - (CF)	50.07M	15.76M	15.49M	20.16M	-6.75M
Asset Writedown & Restructuring Costs	-	2.98M	-	-	-
(Income) Loss On Equity Investments - (CF)	-11M	-10.23M	-9.2M	-5.57M	-2.53M
Stock-Based Compensation (CF)	-	-	-	-	-
Provision and Write-off of Bad Debts	-	-	-	-	-
Net Cash From Discontinued Operations	52.33M	17.94M	953K	-1.45M	-789K
Other Operating Activities, Total	38.92M	-24.58M	43.89M	117M	141M
Change In Accounts Receivable	44.36M	-174M	80.06M	19.74M	-7.71M
Change In Accounts Payable	67.88M	16.68M	-26.07M	2.96M	4.7M
Change in Unearned Revenues	-	18.3M	-	-	-
Change in Other Net Operating Assets	254M	-141M	-86.07M	-136M	-6.83M
Cash from Operations	1.11B	317M	566M	508M	615M
Capital Expenditure	-138M	-129M	-79.14M	-128M	-124M
Sale of Property, Plant, and Equipment	3.56M	6.28M	3.58M	5.16M	7.81M
Cash Acquisitions	-	-4.9M	-943M	-	-28.56M
Divestitures	-	290M	16.45M	36.08M	-
Sale (Purchase) of Real Estate properties	-	-	-	-	-
Sale (Purchase) of Intangible assets	-	-	-	-	-1.56M
Investment in Marketable and Equity Securities, Total	15.05M	195M	45.26M	915K	1.56M
Other Investing Activities, Total	-31.36M	9.65M	25.28M	25M	3.14M
Cash from Investing	-151M	367M	-932M	-60.86M	-142M
Long-Term Debt Issued, Total	5.22M	4.04M	996M	34.64M	31.37M
Total Debt Issued	5.22M	4.04M	996M	34.64M	31.37M
Long-Term Debt Repaid, Total	-239M	-811M	-266M	-283M	-432M
Total Debt Repaid	-239M	-811M	-266M	-283M	-432M
Repurchase of Common Stock	-	-	-	-	-10M
Common Dividends Paid	-242M	-190M	-190M	-140M	-
Common & Preferred Stock Dividends Paid	-242M	-190M	-190M	-140M	-
Other Financing Activities, Total	-86.52M	-62.87M	-60.41M	-117M	-127M
Cash from Financing	-562M	-1.06B	479M	-504M	-537M
Foreign Exchange Rate Adjustments	-26.16M	27.49M	-45.4M	-6.09M	2.65M
Net Change in Cash	368M	-349M	68.91M	-63.26M	-61.77M
Supplemental Items
Cash Interest Paid	82.4M	60.22M	60.19M	109M	127M
Cash Income Tax Paid (Refund)	125M	96.55M	58.78M	34.36M	43.76M
Levered Free Cash Flow	747M	191M	423M	289M	317M
Unlevered Free Cash Flow	788M	228M	469M	370M	392M
Change In Net Working Capital	-264M	192M	-11.89M	34.46M	19.88M
Net Debt Issued / Repaid	-234M	-807M	730M	-248M	-400M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	5.38	3.09	2.88	2.84	3.19
Return on Total Capital	7.28	4.29	3.83	3.65	4.13
Return On Equity %	9.23	6.72	6.2	5.2	5.5
Return on Common Equity	9.23	6.7	6.22	5.26	5.44
Margin Analysis
Gross Profit Margin %	27.83	23.58	24.03	25.06	23.91
SG&A Margin	18.38	19.12	19.66	20.26	19.5
EBITDA Margin %	11.36	6.61	6.52	6.98	6.71
EBITA Margin %	9.42	4.77	4.56	4.99	4.89
EBIT Margin %	9.26	4.69	4.47	4.75	4.67
Income From Continuing Operations Margin %	4.47	2.98	2.72	2.28	2.17
Net Income Margin %	4.84	3.72	2.79	2.27	2.24
Net Avail. For Common Margin %	4.44	2.95	2.72	2.29	2.14
Normalized Net Income Margin	5	2.3	2.01	1.69	1.77
Levered Free Cash Flow Margin	13.56	3.14	7.15	5.08	5.01
Unlevered Free Cash Flow Margin	14.31	3.76	7.91	6.49	6.2
Asset Turnover
Asset Turnover	0.93	1.05	1.03	0.96	1.09
Fixed Assets Turnover	2.97	3.3	3.31	3.26	3.68
Receivables Turnover (Average Receivables)	4.81	5.25	5.04	5.13	5.76
Short Term Liquidity
Current Ratio	1.21	1.41	1.44	1.49	1.48
Quick Ratio	1.04	1.28	1.28	1.35	1.25
Operating Cash Flow to Current Liabilities	0.47	0.2	0.37	0.39	0.48
Days Sales Outstanding (Average Receivables)	76.07	69.57	72.37	71.18	63.52
Average Days Payable Outstanding	27.41	26.48	27.12	27.85	25
Long Term Solvency
Total Debt/Equity	61.35	46.83	87.17	83.77	74.25
Total Debt / Total Capital	38.02	31.89	46.57	45.58	42.61
LT Debt/Equity	31.89	33.34	73.2	74.53	66.12
Long-Term Debt / Total Capital	19.76	22.71	39.11	40.55	37.95
Total Liabilities / Total Assets	55.73	50.44	58.66	57.65	55.92
EBIT / Interest Expense	7.77	4.74	3.64	2.11	2.44
EBITDA / Interest Expense	13	10.91	8.73	4.94	5.36
(EBITDA - Capex) / Interest Expense	10.9	8.77	7.65	3.94	4.33
Total Debt / EBITDA	1.95	1.91	3.45	3.26	2.89
Net Debt / EBITDA	0.49	0.75	2.26	2.37	2.11
Total Debt / (EBITDA - Capex)	2.32	2.38	3.95	4.09	3.57
Net Debt / (EBITDA - Capex)	0.58	0.94	2.58	2.96	2.61
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	8.72	10.14	-2.35	-3.91	11.07
Gross Profit, 1 Yr. Growth %	-7.35	-6.71	-0.46	0.18	5.98
EBITDA, 1 Yr. Growth %	-14.05	-35.95	-3.57	2.1	6.69
EBITA, 1 Yr. Growth %	-17.88	-44.2	-6.81	4.13	8.9
EBIT, 1 Yr. Growth %	-18.73	-44.22	-6.91	1.01	9.13
Earnings From Cont. Operations, 1 Yr. Growth %	-48.3	-26.64	-10.92	-19.43	5.74
Net Income, 1 Yr. Growth %	-46.39	-15.42	-26.67	-21.82	9.68
Normalized Net Income, 1 Yr. Growth %	-20.43	-49.37	-14.76	-19.74	16.53
Diluted EPS Before Extra, 1 Yr. Growth %	-48.35	-26.77	-10.2	-18.87	3.78
Accounts Receivable, 1 Yr. Growth %	-8.57	11.47	-7.3	-3.53	1.32
Net Property, Plant and Equip., 1 Yr. Growth %	-0.66	-0.61	-4.98	0.05	-3.06
Total Assets, 1 Yr. Growth %	6.48	-11.7	12.83	-4.34	-1.75
Tangible Book Value, 1 Yr. Growth %	5.01	9.16	-70.75	-6.14	21.31
Common Equity, 1 Yr. Growth %	2.8	-0.95	-5.84	-1.92	2.24
Cash From Operations, 1 Yr. Growth %	28.7	-71.33	79.84	-10.3	18.06
Capital Expenditures, 1 Yr. Growth %	-13.45	-6.85	-38.46	61.75	0.93
Levered Free Cash Flow, 1 Yr. Growth %	207.07	-73.52	121.95	-31.92	7.6
Unlevered Free Cash Flow, 1 Yr. Growth %	168.97	-70.01	105.36	-21.49	4.78
Dividend Per Share, 1 Yr. Growth %	-21.21	0	-26.67	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	4.09	9.43	3.7	-3.14	3.31
Gross Profit, 2 Yr. CAGR %	-25.54	-7.03	-3.64	-0.14	3.04
EBITDA, 2 Yr. CAGR %	-13.17	-25.81	-21.41	-0.43	4.37
EBITA, 2 Yr. CAGR %	-14.74	-32.31	-27.88	-0.99	6.49
EBIT, 2 Yr. CAGR %	-15.19	-32.67	-27.94	-2.53	4.99
Earnings From Cont. Operations, 2 Yr. CAGR %	-31.43	-38.42	-19.16	-15.28	-7.7
Net Income, 2 Yr. CAGR %	-26.43	-32.66	-21.25	-24.29	-7.4
Normalized Net Income, 2 Yr. CAGR %	-17.38	-36.53	-34.31	-17.01	-3.29
Diluted EPS Before Extra, 2 Yr. CAGR %	-29.47	-38.5	-18.91	-14.64	-8.24
Accounts Receivable, 2 Yr. CAGR %	-2.07	0.95	1.65	-5.44	-1.14
Net Property, Plant and Equip., 2 Yr. CAGR %	39.45	-0.63	-2.82	-2.5	-1.52
Total Assets, 2 Yr. CAGR %	14.01	-3.03	-0.19	3.89	-3.06
Tangible Book Value, 2 Yr. CAGR %	11.66	7.06	-43.49	-47.6	6.71
Common Equity, 2 Yr. CAGR %	5.67	0.91	-3.42	-3.9	0.14
Cash From Operations, 2 Yr. CAGR %	49.61	-39.25	-28.46	27.01	4.19
Capital Expenditures, 2 Yr. CAGR %	-10.26	-10.21	-24.28	-0.23	25.34
Levered Free Cash Flow, 2 Yr. CAGR %	28.98	-11.46	-23.33	23.17	-13.7
Unlevered Free Cash Flow, 2 Yr. CAGR %	30	-11.73	-21.52	27.21	-8.71
Dividend Per Share, 2 Yr. CAGR %	-11.24	-11.24	-14.37	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	5.29	6.07	5.35	1.1	1.38
Gross Profit, 3 Yr. CAGR %	-15.64	-19.73	-4.89	-2.38	1.86
EBITDA, 3 Yr. CAGR %	-2.16	-21.54	-19.03	-14.05	1.89
EBITA, 3 Yr. CAGR %	-2.75	-25.97	-24.69	-18.22	2.2
EBIT, 3 Yr. CAGR %	-3.03	-26.24	-24.99	-19.08	1.21
Earnings From Cont. Operations, 3 Yr. CAGR %	-18.55	-29.87	-30.35	-19.25	-8.78
Net Income, 3 Yr. CAGR %	-15.08	-22.93	-30.72	-21.44	-14.33
Normalized Net Income, 3 Yr. CAGR %	-4.46	-29.82	-29.97	-29.61	-7.07
Diluted EPS Before Extra, 3 Yr. CAGR %	-17.48	-28.58	-30.23	-18.9	-8.9
Accounts Receivable, 3 Yr. CAGR %	5.4	2.25	-1.88	-0.11	-3.24
Net Property, Plant and Equip., 3 Yr. CAGR %	26.53	24.57	-2.11	-1.87	-2.69
Total Assets, 3 Yr. CAGR %	11.56	4.7	1.99	-1.59	1.97
Tangible Book Value, 3 Yr. CAGR %	6.45	10.82	-30.53	-33.08	-30.68
Common Equity, 3 Yr. CAGR %	2.48	3.42	-1.39	-2.93	-1.89
Cash From Operations, 3 Yr. CAGR %	29.62	-13.74	-12.99	-22.86	24.98
Capital Expenditures, 3 Yr. CAGR %	-4.66	-9.14	-20.83	-2.48	-1.12
Levered Free Cash Flow, 3 Yr. CAGR %	39.48	-24.83	20.28	-26.21	18.39
Unlevered Free Cash Flow, 3 Yr. CAGR %	39.43	-21.19	16.96	-21.41	19.76
Dividend Per Share, 3 Yr. CAGR %	-7.26	-7.64	-16.71	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	7.97	6.92	4.65	2.28	4.53
Gross Profit, 5 Yr. CAGR %	-6.34	-10.07	-11.03	-12.4	-1.79
EBITDA, 5 Yr. CAGR %	6.02	-6.74	-10.37	-13.7	-10.25
EBITA, 5 Yr. CAGR %	6.1	-9.19	-13.71	-16.84	-13.33
EBIT, 5 Yr. CAGR %	6.05	-9.31	-13.89	-17.54	-14.02
Earnings From Cont. Operations, 5 Yr. CAGR %	-6.11	-16.48	-18.79	-24.36	-22.05
Net Income, 5 Yr. CAGR %	-3.05	-11.97	-17.6	-23.47	-22.2
Normalized Net Income, 5 Yr. CAGR %	6.64	-11.84	-17.75	-24.95	-20.21
Diluted EPS Before Extra, 5 Yr. CAGR %	-4.2	-15.62	-18.05	-23.3	-22.15
Accounts Receivable, 5 Yr. CAGR %	8.39	10.46	3.89	-0.9	-1.58
Net Property, Plant and Equip., 5 Yr. CAGR %	21.3	16.92	13.86	12.94	-1.87
Total Assets, 5 Yr. CAGR %	12.16	6.03	6.71	4.38	-0.06
Tangible Book Value, 5 Yr. CAGR %	4.5	10.18	-17.37	-17.87	-17.52
Common Equity, 5 Yr. CAGR %	4.48	3.3	0.08	0.43	-0.78
Cash From Operations, 5 Yr. CAGR %	18.77	-12.33	2.19	0.55	-6.49
Capital Expenditures, 5 Yr. CAGR %	-12.51	-4.29	-13.06	-5.67	-4.86
Levered Free Cash Flow, 5 Yr. CAGR %	63.26	-11.83	8.98	-8.42	5.4
Unlevered Free Cash Flow, 5 Yr. CAGR %	62.61	-9.45	10.02	-4.55	6
Dividend Per Share, 5 Yr. CAGR %	-2.82	-4.07	-10.17	-	-