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  • UAE Flag
    FIRST LOOK NOTES
    19 Feb 2026
    Aramex
    BUY
    AED 2.18
    AED 2.75
    +26.15%

    UAE Equity Research - Aramex(ARMX) 4Q25 - First Look Note

    Gross profit margin declined from 23.5% in 4Q24 to 22.7% in 4Q25, reflecting product mix changes, lower contribution from International Express and continued cost pressures. Net debt declined from AED 383 Mn in 3Q25 to AED 368 Mn in 4Q25, with a reported debt to EBITDA ratio of 3.2x.
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  • UAE Flag
    FIRST LOOK NOTES
    18 Nov 2025
    Aramex
    BUY
    AED 2.63
    AED 3.10
    +17.87%

    UAE Equity Research - Aramex PJSC 3Q25 - First Look Note

    Gross margins declined from 23.4% in 3Q24 to 23.2% in 3Q25, driven by a change in product mix and increased direct costs. Free cash flow grew significantly from AED 56 Mn in 2Q25 to AED 126 Mn in 3Q25, mainly attributable to robust cash generated from operations.
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  • UAE Flag
    FIRST LOOK NOTES
    14 Aug 2025
    Aramex
    ACCUMULATE
    AED 2.71
    AED 3.10
    +14.39%

    UAE Equity Research - Aramex(ARMX) 2Q25 - First Look Note

    The Company’s gross margins declined from 23.1% in 2Q24 to 22.0% in 2Q25, driven by a change in product mix and increased direct costs. Free cash flow grew significantly from AED 2 Mn in 2Q24 to AED 19 Mn in 2Q25, mainly attributable to lower lease payments.
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  • UAE Flag
    FIRST LOOK NOTES
    13 May 2025
    Aramex
    ACCUMULATE
    AED 2.76
    AED 3.10
    +12.32%

    UAE Equity Research - Aramex PJSC 1Q25 - First Look Note

    The Company’s Domestic Express volume rose 8.0% YOY to 28.3 Mn shipments in 1Q25, whereas International Express volume declined significantly 17.9% YOY to 6.4 Mn shipments in 1Q25. Free cash flow declined from AED 51 Mn in 1Q24 to AED 42 Mn in 1Q25, mainly attributable to lower cash generation from operating activities.
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  • UAE Flag
    FIRST LOOK NOTES
    27 Feb 2025
    Aramex
    HOLD
    AED 2.82
    AED 3.10
    +9.93%

    UAE Equity Research - Aramex (ARMX) 4Q24 - First Look Note

    The Company’s Domestic Express volume rose 16.5% YOY to 31 Mn shipments in 4Q24, whereas International Express volume declined 6.0% YOY to 7.2 Mn shipments in 4Q24. Free cash flow grew significantly from AED 9 Mn in 4Q23 to AED 21 Mn in 4Q24.
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  • UAE Flag
    FIRST LOOK NOTES
    22 Nov 2024
    Aramex
    BUY
    AED 2.29
    AED 3.10
    +35.37%

    UAE Equity Research - Aramex PJSC (ARMX) 3Q24 - First Look Note

    Expects revenue growth of 9% with a stable gross margin of 24% to 25% in FY2024. International and Domestic Express Segments recorded double-digit growth in volume in 3Q24 due to higher consumer activity, strong regional demand in addition trends to nearshoring and local warehousing.
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  • UAE Flag
    FIRST LOOK NOTES
    12 Oct 2024
    Aramex
    BUY
    AED 2.18
    AED 3.10
    +42.20%

    Steady growth amid challenges, driven by new customer wins and higher volume

    Total Revenue grew 7.7% YOY reaching at AED 1,496 Mn in 2Q24.
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  • UAE Flag
    FIRST LOOK NOTES
    22 May 2024
    Aramex
    BUY
    AED 2.64
    AED 3.10
    +17.42%

    Higher international shipping volume and cost control measures supported profitability

    International shipping volume recorded the highest quarterly volume of 7.8 Mn shipments in 1Q24.
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  • UAE Flag
    FIRST LOOK NOTES
    14 Feb 2024
    Aramex
    BUY
    AED 2.32
    AED 3.10
    +33.62%

    Higher international shipping volume and cost control measures supported profitability

    International shipping volume recorded the highest quarterly volume of 7.6 Mn shipments in 4Q23.
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