SAL 2023 profit up 41% to SAR 509.7M; Q4 at SAR 180.6M

04/03/2024 Argaam Exclusive

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SAL Saudi Logistics Services Co. posted a 41% profit increase to SAR 509.7 million in 2023, compared to SAR 362.4 million in the year-earlier period.

Financials (M)

Item	2022	2023	Change‬
Revenues	1,222.65	1,455.71	19.1 %
Gross Income	590.97	775.57	31.2 %
Operating Income	413.31	581.21	40.6 %
Net Income	362.41	509.72	40.6 %
Average Shares	80.00	80.00	-
EPS (Riyals)	4.53	6.37	40.6 %

The profit increase was driven by 19.1% year-on-year (YoY) growth in revenue. This includes a 15.2% increase in freight handling revenue, driven by an 11.7% rise in tonnage handled, as well as a 46.9% surge in revenue from logistic solutions.

Meanwhile, the company's continued focus on cost control and investment of available funds added to the improved net profit.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	352.50	410.62	16.5 %
Gross Income	164.78	242.60	47.2 %
Operating Income	119.40	204.54	71.3 %
Net Income	112.97	180.58	59.9 %
Average Shares	80.00	80.00	-
EPS (Riyals)	1.41	2.26	59.9 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	365.76	410.62	12.3 %
Gross Income	169.69	242.60	43.0 %
Operating Income	131.06	204.54	56.1 %
Net Income	115.97	180.58	55.7 %
Average Shares	80.00	80.00	-
EPS (Riyals)	1.45	2.26	55.7 %

In Q4 2023, net profit rose by 60% to SAR 180.6 million from SAR 112.9 million in Q4 2022.

On a sequential basis, the bottom line grew 55.7% from SAR 115.9 million in Q3 2023.

Shareholders’ equity, no minority interest, reached SAR 1.23 billion as of Dec. 31, 2023, up from SAR 1.07 million a year earlier.

Attached Document:

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