SAL 9M 2023 profit rises 32% to SAR 329.1 mln; Q3 at SAR 116 mln

07/11/2023 Argaam Exclusive

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SAL Saudi Logistics Services Co. posted a 32% profit increase in the first nine months of 2023 to SAR 329.1 million, compared to SAR 249.4 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	870.15	1,045.09	20.1 %
Gross Income	426.19	532.97	25.1 %
Operating Income	293.91	382.77	30.2 %
Net Income	249.44	329.13	31.9 %
Average Shares	80.00	80.00	-
EPS (Riyals)	3.12	4.11	31.9 %

The profit increase was driven by a 14.6% increase in cargo handling revenues, 61.6% in logistics solutions revenue and 228.2% in finance income.

The additional revenues generated in Q3 resulted in 16% higher operating and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	280.20	365.76	30.5 %
Gross Income	142.84	169.69	18.8 %
Operating Income	95.99	131.06	36.5 %
Net Income	81.16	115.97	42.9 %
Average Shares	80.00	80.00	-
EPS (Riyals)	1.01	1.45	42.9 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	339.36	365.76	7.8 %
Gross Income	183.32	169.69	(7.4 %)
Operating Income	126.00	131.06	4.0 %
Net Income	108.82	115.97	6.6 %
Average Shares	80.00	80.00	-
EPS (Riyals)	1.36	1.45	6.6 %

In Q3 2023, net profit rose by 43% to SAR 116 million from SAR 81.16 million in Q3 2022 on improved import cargo handling tonnages and new contracts for the logistics solutions division. Also, finance income rose while administrative expenses edged down.

On a sequential basis, the bottom line grew 6.6% from SAR 108.82 million in Q2 2023 due to a rise in revenues and a decline in administrative expenses.

Shareholders’ equity, no minority interest, reached SAR 1.13 billion as of Sept. 30, 2023, up from SAR 1.01 million a year earlier.

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