SAL’s 2024 profit rises 30% to SAR 661.4M; Q4 at SAR 142M

19/02/2025 Argaam Exclusive

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SAL Saudi Logistics Services Co. made a net profit of SAR 661.4 million in 2024, a 30% rise from SAR 509.7 million a year earlier.

Financials (M)

Item	2023	2024	Change‬
Revenues	1,455.71	1,633.96	12.2 %
Gross Income	775.57	915.22	18.0 %
Operating Income	586.20	709.42	21.0 %
Net Income	509.72	661.44	29.8 %
Average Shares	80.00	80.00	-
Earnings Per Share before unusual items (Riyals)	6.37	8.27	29.8 %
EPS (Riyals)	6.37	8.27	29.8 %

The annual profit was lifted by a 12% rise year-on-year (YoY) in revenue to SAR 1.63 billion.

The topline growth was driven by a 12% YoY increase in ground handling revenue, thanks to 20% volume growth.

The logistics segment revenue also jumped 15% YoY to SAR 271 million, backed by the segment’s diversification strategy.

Additionally, SAL cited effective cost control measures, savings from major lease terminal rentals, and finance income from short-term Murabaha deposits.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	410.62	408.69	(0.5 %)
Gross Income	242.60	223.32	(7.9 %)
Operating Income	203.43	154.79	(23.9 %)
Net Income	180.58	142.03	(21.3 %)
Average Shares	80.00	80.00	-
Earnings Per Share before unusual items (Riyals)	2.26	1.78	(21.3 %)
EPS (Riyals)	2.26	1.78	(21.3 %)

Item	Q3 2024	Q4 2024	Change‬
Revenues	367.26	408.69	11.3 %
Gross Income	208.49	223.32	7.1 %
Operating Income	159.24	154.79	(2.8 %)
Net Income	155.50	142.03	(8.7 %)
Average Shares	80.00	80.00	-
Earnings Per Share before unusual items (Riyals)	1.94	1.78	(8.7 %)
EPS (Riyals)	1.94	1.78	(8.7 %)

In Q4 2024, SAL’s net profit dropped 21% to SAR 142 million, from SAR 180.5 million in the prior-year period.

Similarly, net earnings fell 8.7% quarter-on-quarter (QoQ) from SAR 155.5 million in Q3 2024.

Total shareholders’ equity, no minority interest, increased to SAR 1.40 billion as of Dec. 31, 2024, from SAR 1.23 billion a year earlier.

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