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

07/08/2024 Argaam Exclusive

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 -
Earnings Per Share before unusual items 2.66 4.55 70.7 %
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 -
Earnings Per Share before unusual items 1.36 1.94 42.8 %
EPS (Riyals) 1.36 1.94 42.8 %

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.

 

Attached Documents

 

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Share Price

SAL Saudi Logistics Services Co.
203.80
(16.40) (7.45 %)

SAL Saudi Logistics Services Co. (SAL)

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Financial Ratios
Current
Market Cap (M Riyal) 16,304.00
Enterprise Value (EV) (M) 15,558.61
Shares Outstanding ((M)) 80.00
EPS ( Riyal) (TTM) 8.27
Book Value (BV) ( Riyal) 17.53
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 24.65
P/E (TTM) 24.65
Price/book 11.63
Return on Average Assets (%) (TTM) 20.3
Return on Average Equity (%) (TTM) 28.2
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Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 - - - - - -
Q2 2020 - - - - - -
Q3 2020 - - - - - -
Q4 2020 - - - - - -
Q1 2021 - - - - - -
Q2 2021 - - - - - -
Q3 2021 - - - - - -
Q4 2021 - - - - - -
Q1 2022 75.86 - 0.95 - 75.86 0.95
Q2 2022 92.42 - 1.16 - 92.42 1.16
Q3 2022 81.16 - 1.01 - 81.16 1.01
Q4 2022 112.97 - 1.41 - 112.97 1.41
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
Q1 2024 208.45 99.8 % 2.61 - 208.45 2.61
Q2 2024 155.45 42.8 % 1.94 - 155.45 1.94


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 - - - - - -
Q2 2020 - - - - - -
Q3 2020 - - - - - -
Q4 2020 - - - - - -
Q1 2021 - - - - - -
Q2 2021 - - - - - -
Q3 2021 - - - - - -
Q4 2021 - - - - - -
Q1 2022 282.59 - 136.31 - 91.24 -
Q2 2022 307.36 - 147.04 - 106.68 -
Q3 2022 280.20 - 142.84 - 95.99 -
Q4 2022 352.50 - 164.78 - 119.40 -
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 % 127.67 33.0 %
Q4 2023 410.62 16.5 % 242.60 47.2 % 204.54 71.3 %
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 %

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 48.34 % - 29.64 %
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 %
Q1 2024 54.62 % 52.20 % 39.14 %
Q2 2024 54.80 % 52.19 % 40.41 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 - - - -
Q2 2018 - - - -
Q3 2018 - - - -
Q4 2018 - - - -
Q1 2019 - - - -
Q2 2019 - - - -
Q3 2019 - - - -
Q4 2019 - - - -
Q1 2020 - - - -
Q2 2020 - - - -
Q3 2020 - - - -
Q4 2020 - - - -
Q1 2021 - - - -
Q2 2021 - - - -
Q3 2021 - - - -
Q4 2021 - - - -
Q1 2022 80.00 - - -
Q2 2022 80.00 - - 12.51
Q3 2022 80.00 - - 12.71
Q4 2022 80.00 4.53 4.53 13.41
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
Q1 2024 80.00 7.67 7.67 16.52
Q2 2024 80.00 8.26 8.26 16.71

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -
Q4 2023 30.51 30.51 12.60
Q1 2024 31.36 31.36 14.56
Q2 2024 38.11 38.11 18.83

Business Segments (Million)

Compared With The
Period Air cargo handling Logistic solutions Storage and distribution
Q3 2022 256.72 23.48 -
Q4 2022 293.96 58.54 -
Q1 2023 294.10 45.87 -
Q3 2023 285.18 80.58 -
Q4 2023 339.56 71.07 -
Q1 2024 365.82 86.71 -
Q2 2024 333.67 71.52 0.30

Analysts Estimates (Million)

Item Q2 2024 (e) Q2 2024 (a) Change‬
Average 199.65 155.45 (22.1 %)

Estimates vs Actual (Million)

Item Q2 2024 (e) Q2 2024 (a) Change
United Securities Company 148.00 155.45 5.0 %
AlJazira Capital 191.60 155.45 (18.9) %
Al Rajhi Capital 192.00 155.45 (19.0) %
GIB Capital 200.00 155.45 (22.3) %
SNB Capital 228.00 155.45 (31.8) %
Value Capital 238.29 155.45 (34.8) %

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