Aramex (DFM: ARMX) a leading global provider of comprehensive logistics and transportation solutions, announced its financial results for the second quarter (“Q2”) and first half (“H1”) ending 30 June 2024.

Seasonality impact

Q2 2024 was expected to be a softer quarter for the company, impacted by seasonality and loss of productive days. The impact was further amplified due to adverse weather conditions in the UAE causing operational disruptions and slowdowns in business and consumer activity for nearly a week.

  • This year, the Ramadan season was observed entirely in Q1, resulting in Q2 not benefiting from the peak festive demand and increased consumer spending seen in Q2 2023 in several markets.
  • Additionally, the two public holidays (Eid al-Fitr and Eid al-Adha) in Q2 2024 with extended vacation days resulted in slower business activity overall, and in fewer operational working days across different countries.
  • The loss of productive days and the seasonality impact in Q2 2024 is estimated at approximately AED 45 million in lost revenues and AED 8.8 million in lost net income for Q2 2024 for the Group.

Therefore, due to the impact and shift in seasonality between these quarters, it is more relevant to look at the half year performance in 2024 as an indication of this year’s financial situation and progress compared to last year.

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