SAL profit jumps 58% to SAR 519.4M in 9M 2024; Q3 at SAR 155.5M

SAL Saudi Logistics Services Co. reported a net profit of SAR 519.4 million in the first nine months of 2024, a 58% leap from SAR 329.1 million a year earlier.

In the nine-month period, revenue increased by 17% year-on-year (YoY), due to a rise in air cargo volumes, driven by higher demand in the period.

Additionally, the company’s diversification into logistics business contributed to the overall revenue growth.

The company recorded a 30% rise YoY in gross profit, and managed costs effectively leading to higher profitability.

Operating profit also saw a substantial increase of 45%, primarily due to cost management and effective handling of key expense items.

In Q3 2024, SAL’s net profit jumped 34.1% to SAR 155.5 million, from SAR 115.9 million in the prior-year period as revenue grew by 0.4% YoY. Gross profit also improved by 22.9% on cost management and a decline in the cost of sales in the logistics solutions segment.

Net earnings were flat quarter-on-quarter (QoQ) as the topline dropped by 9.4% on seasonal factors.

Total shareholders’ equity, no minority interest, increased to SAR 1.37 billion as of Sept. 30, 2024, from SAR 1.13 million a year earlier.

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