“Dubai Financial” announces the amendment of the percentage of foreign ownership of “Aramex” shares to 100%

Dubai – Mubasher: The Dubai Financial Market has announced the activation of the new maximum limits for owning Aramex shares, allowing foreigners, starting today, to own 100% of the company’s shares.

It is noteworthy that the Aramex board of directors agreed last month to raise foreign ownership of the company’s shares from 49% to 100%.

Aramex’s profits increased by 3 percent during the first quarter of 2022.

Its profits during the mentioned period amounted to 47.3 million dirhams at the end of the first quarter of 2022, compared to profits of 46.0 million dirhams achieved during the same period in 2021.

Selling and marketing expenses decreased by 13% to reach AED 58.8 million compared to AED 67.4 million during the same period last year, in addition to an increase in other revenues by 4% to reach AED 8.4 million compared to AED 8.1 million during the first quarter of 2021.

Financing costs decreased by 16% to reach 12.8 million dirhams, compared to 15.3 million dirhams during the same period in 2021.

Profits in a share of the results of joint ventures and associate companies increased by 33% to reach 3.6 million dirhams, compared to 2.7 million dirhams during the same period in the previous year.

Income tax expense decreased by 29% to reach 19.7 million dirhams, compared to 27.6 million dirhams during the first quarter of 2021.

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