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SAL 2023 profit up 41% to SAR 509.7M; Q4 at SAR 180.6M
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)
| 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 % |
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.
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Share Price
SAL Saudi Logistics Services Co. (SAL)
| Current | |
| Market Cap (M Riyal) | 20,544.00 |
| Enterprise Value (EV) (M) | 19,836.84 |
| Shares Outstanding ((M)) | 80.00 |
| EPS ( Riyal) (TTM) | 8.75 |
| Book Value (BV) ( Riyal) | 17.20 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 29.35 |
| P/E (TTM) | 29.35 |
| Price/book | 14.93 |
| Return on Average Assets (%) (TTM) | 21.4 |
| Return on Average Equity (%) (TTM) | 55.8 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2023 | 339.97 | 20.3 % | 179.96 | 32.0 % | 123.00 | 34.8 % |
| Q2 2023 | 339.36 | 10.4 % | 183.32 | 24.7 % | 126.00 | 18.1 % |
| Q3 2023 | 365.76 | 30.5 % | 169.69 | 18.8 % | 131.06 | 36.5 % |
| Q4 2023 | 410.62 | 16.5 % | 242.60 | 47.2 % | 204.54 | 71.3 % |
| 2023 | 1,455.71 | 19.1 % | 775.57 | 31.2 % | 581.21 | 40.6 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2023 | 104.35 | 37.6 % | 1.30 | - | 104.35 | 1.30 |
| Q2 2023 | 108.82 | 17.7 % | 1.36 | - | 108.82 | 1.36 |
| Q3 2023 | 115.97 | 42.9 % | 1.45 | - | 115.97 | 1.45 |
| Q4 2023 | 180.58 | 59.9 % | 2.26 | - | 180.58 | 2.26 |
| 2023 | 509.72 | 40.6 % | 6.37 | - | 509.72 | 6.37 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | 49.58 % | 46.66 % | 30.54 % |
| Q2 2023 | 51.13 % | 45.29 % | 31.04 % |
| Q3 2023 | 49.93 % | 45.38 % | 31.63 % |
| Q4 2023 | 53.28 % | 49.41 % | 35.01 % |
| 2023 | 53.28 % | 49.18 % | 35.01 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2023 | 80.00 | 4.89 | 4.89 | 13.09 |
| Q2 2023 | 80.00 | 5.09 | 5.09 | 13.58 |
| Q3 2023 | 80.00 | 5.53 | 5.53 | 14.15 |
| Q4 2023 | 80.00 | 6.37 | 6.37 | 15.43 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | - | - | - |
| Q2 2023 | - | - | - |
| Q3 2023 | - | - | - |
| Q4 2023 | 30.51 | 30.51 | 12.60 |
Business Segments (Million)
Q4 2023
| Period | Air cargo handling | Logistic solutions |
|---|---|---|
| Q1 2023 | 294.10 | 45.87 |
| Q3 2023 | 285.18 | 80.58 |
| Q4 2023 | 339.56 | 71.07 |
Analysts Estimates (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| Average | 132.17 | 180.58 | 36.63 % |
Estimates vs Actual (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| AlJazira Capital | 137.50 | 180.58 | 31.3 % |
| GIB Capital | 133.00 | 180.58 | 35.8 % |
| Al Rajhi Capital | 126.00 | 180.58 | 43.3 % |
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