SAL posts 71% profit leap to SAR 363.9M in H1 2024; Q2 at SAR 155.5M

07/08/2024 Argaam Exclusive

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SAL Saudi Logistics Services Co. reported a net profit of SAR 363.9 million in the first six months of 2024, a 71% leap from SAR 213.2 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	679.33	858.01	26.3 %
Gross Income	363.28	483.41	33.1 %
Operating Income	249.00	394.52	58.4 %
Net Income	213.17	363.90	70.7 %
Average Shares	80.00	80.00	-
EPS (Riyals)	2.66	4.55	70.7 %

SAL posted a 26% improvement in H1 2024 revenues compared to last year. Cargo handling division revenue also increased by 18% due to volume growth as well as significant contribution by the logistics division. In addition, the company continued to focus on cost control.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	339.36	405.48	19.5 %
Gross Income	183.32	222.43	21.3 %
Operating Income	126.00	167.17	32.7 %
Net Income	108.82	155.45	42.8 %
Average Shares	80.00	80.00	-
EPS (Riyals)	1.36	1.94	42.8 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	452.53	405.48	(10.4 %)
Gross Income	260.98	222.43	(14.8 %)
Operating Income	227.35	167.17	(26.5 %)
Net Income	208.45	155.45	(25.4 %)
Average Shares	80.00	80.00	-
EPS (Riyals)	2.61	1.94	(25.4 %)

In Q2 2024, net profit leapt 43% year-on-year (YoY) to SAR 155.5 million from SAR 108.8 million, as revenues rose by 19%.

On a sequential basis, net profit fell 25.4% from SAR 208.45 million in Q1 2024.

Total shareholders’ equity, no minority interest, stood at SAR 1.33 billion by the end of H1 2024, compared to SAR 1.08 billion in the year-earlier period.

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