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SAL’s 2024 profit rises 30% to SAR 661.4M; Q4 at SAR 142M
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 (Million Riyal)
| Item | 2023 | 2024 | Change |
|---|---|---|---|
| Revenues | 1,455.71 | 1,633.96 | 12.2 % |
| Gross Income | 775.57 | 915.22 | 18.0 % |
| Operating Income | 581.21 | 707.84 | 21.8 % |
| 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 (Riyal) | 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 (Million Riyal)
| Item | Q4 2023 | Q4 2024 | Change |
|---|---|---|---|
| Revenues | 410.62 | 408.69 | (0.5 %) |
| Gross Income | 242.60 | 223.32 | (7.9 %) |
| Operating Income | 204.54 | 154.58 | (24.4 %) |
| Net Income | 180.58 | 142.03 | (21.3 %) |
| Average Shares | 80.00 | 80.00 | - |
| Earnings Per Share before unusual items (Riyal) | 2.26 | 1.78 | (21.3 %) |
| EPS (Riyal) | 2.26 | 1.78 | (21.3 %) |
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.
Attached Documents
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Share Price
| Current | |
| Market Cap (M Riyal) | 13,576.00 |
| Enterprise Value (EV) (M Riyal) | 12,741.96 |
| Shares Outstanding ((M)) | 80.00 |
| Recurring EPS ( Riyal) (TTM) | 9.77 |
| Book Value (BV) ( Riyal) | 22.38 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E (TTM) | 17.37 |
| P/E (TTM) | 17.37 |
| Price/book | 7.58 |
| Dividend Yield (%) (Last Year) | 3.85 |
| Return on Average Assets (%) (TTM) | 18.8 |
| Return on Average Equity (%) (TTM) | 46.7 |
| EV/adj EBITDA | 12.90 |
| EV/Revenues | 6.23 |
Financial results (Million Riyal)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 452.53 | 33.1 % | 260.98 | 45.0 % | 227.35 | 84.8 % |
| Q2 2024 | 405.48 | 19.5 % | 222.43 | 21.3 % | 167.17 | 32.7 % |
| Q3 2024 | 367.26 | 0.4 % | 208.49 | 22.9 % | 158.74 | 24.3 % |
| Q4 2024 | 408.69 | (0.5 %) | 223.32 | (7.9 %) | 154.58 | (24.4 %) |
| 2024 | 1,633.96 | 12.2 % | 915.22 | 18.0 % | 707.84 | 21.8 % |
Profit Performance (Million Riyal)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2024 | 208.45 | 99.8 % | 2.61 | - | 208.45 | 2.61 |
| Q2 2024 | 155.45 | 42.8 % | 1.94 | - | 155.45 | 1.94 |
| Q3 2024 | 155.50 | 34.1 % | 1.94 | - | 155.50 | 1.94 |
| Q4 2024 | 142.03 | (21.3 %) | 1.78 | - | 142.03 | 1.78 |
| 2024 | 661.44 | 29.8 % | 8.27 | - | 661.44 | 8.27 |
Profitability
| Period | Gross Margin | Adjusted EBITDA 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 % | 45.13 % | 31.63 % |
| Q4 2023 | 53.28 % | 49.18 % | 35.01 % |
| 2023 | 53.28 % | 49.18 % | 35.01 % |
| Q1 2024 | 54.62 % | 52.20 % | 39.14 % |
| Q2 2024 | 54.80 % | 52.19 % | 40.41 % |
| Q3 2024 | 57.12 % | 53.51 % | 42.79 % |
| Q4 2024 | 56.01 % | 49.76 % | 40.48 % |
| 2024 | 56.01 % | 49.76 % | 40.48 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 80.00 | 7.67 | 7.67 | 16.52 |
| Q2 2024 | 80.00 | 8.26 | 8.26 | 16.71 |
| Q3 2024 | 80.00 | 8.75 | 8.75 | 17.20 |
| Q4 2024 | 80.00 | 8.27 | 8.27 | 17.53 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2024 | 31.36 | 31.36 | 14.56 |
| Q2 2024 | 38.11 | 38.11 | 18.83 |
| Q3 2024 | 33.46 | 33.46 | 17.02 |
| Q4 2024 | 30.55 | 30.55 | 14.41 |
Business Segments (Million Riyal)
Q4 2024
| Period | Ground handling | Logistic solutions |
|---|---|---|
| Q1 2024 | 365.82 | 86.71 |
| Q2 2024 | 333.67 | 71.82 |
| Q3 2024 | 328.70 | 38.56 |
| Q4 2024 | 334.49 | 74.20 |
Analysts Estimates (Million Riyal)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Average | 172.90 | 142.03 |
Estimates vs Actual (Million Riyal)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| United Securities Company | 147.00 | 142.03 | |
| GIB Capital | 162.00 | 142.03 | |
| Al Rajhi Capital | 173.00 | 142.03 | |
| SNB Capital | 174.00 | 142.03 | |
| AlJazira Capital | 179.40 | 142.03 | |
| Sico | 202.00 | 142.03 |
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