SAL 2025 profit rises 6% to SAR 697.9M; Q4 at SAR 201.7M
SAL Saudi Logistics Services Co. made a net profit of SAR 697.9 million in 2025, a 6% rise from SAR 661.4 million a year earlier.
Financials (Million Riyal)
| Item | 2024 | 2025 | Change |
|---|---|---|---|
| Revenues | 1,633.96 | 1,708.43 | 4.6 % |
| Gross Income | 915.22 | 962.29 | 5.1 % |
| Operating Income | 707.84 | 725.22 | 2.5 % |
| Net Income | 661.44 | 697.89 | 5.5 % |
| Average Shares | 80.00 | 80.00 | - |
| Earnings Per Share before unusual items (Riyals) | 8.27 | 8.72 | 5.5 % |
| EPS (Riyal) | 8.27 | 8.72 | 5.5 % |
The company attributed profit growth to the higher revenues of SAR 1.7 billion in Q4 2025, up 4.6% year on year (YoY) from SAR 1.63 billion, driven by enhancements to its service portfolio beginning in the second half of the year.
Revenues from the ground handling cargo segment rose 6.9% YoY, supported by an expanded range of services, despite a slight decline in handled cargo volumes from the exceptional levels recorded last year, with volumes down 1.1% YoY.
The company also cited its continued focus on improving operational efficiency and maintaining strict cost control.
Current Quarter Comparison (Million Riyal)
| Item | Q4 2024 | Q4 2025 | Change |
|---|---|---|---|
| Revenues | 408.69 | 509.19 | 24.6 % |
| Gross Income | 223.32 | 273.55 | 22.5 % |
| Operating Income | 154.58 | 212.45 | 37.4 % |
| Net Income | 142.03 | 201.67 | 42.0 % |
| Average Shares | 80.00 | 80.00 | - |
| Earnings Per Share before unusual items (Riyal) | 1.78 | 2.52 | 42.0 % |
| EPS (Riyal) | 1.78 | 2.52 | 42.0 % |
In Q4 2025, SAL’s net profit increased by 42% to SAR 201.67 million, from SAR 142.03 million in the prior-year period.
Similarly, net earnings rose 11.5% quarter-on-quarter (QoQ) from SAR 180.89 million in Q3 2025.
Total shareholders’ equity, with no minority interest, increased to SAR 1.62 billion as of Dec. 31, 2025, from SAR 1.4 billion a year earlier.
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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 2025 | 384.06 | (15.1 %) | 214.15 | (17.9 %) | 153.94 | (32.3 %) |
| Q2 2025 | 393.97 | (2.8 %) | 224.00 | 0.7 % | 171.50 | 2.6 % |
| Q3 2025 | 421.21 | 14.7 % | 250.59 | 20.2 % | 187.34 | 18.0 % |
| Q4 2025 | 509.19 | 24.6 % | 273.55 | 22.5 % | 212.45 | 37.4 % |
| 2025 | 1,708.43 | 4.6 % | 962.29 | 5.1 % | 725.22 | 2.5 % |
Profit Performance (Million Riyal)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2025 | 153.09 | (26.6 %) | 1.91 | - | 153.09 | 1.91 |
| Q2 2025 | 162.24 | 4.4 % | 2.03 | - | 162.24 | 2.03 |
| Q3 2025 | 180.89 | 16.3 % | 2.26 | - | 180.89 | 2.26 |
| Q4 2025 | 201.67 | 42.0 % | 2.52 | - | 201.67 | 2.52 |
| 2025 | 697.89 | 5.5 % | 8.72 | - | 697.89 | 8.72 |
Profitability
| Period | Gross Margin | Adjusted EBITDA margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
| Q1 2025 | 55.47 % | 46.61 % | 38.72 % |
| Q2 2025 | 55.98 % | 46.96 % | 39.44 % |
| Q3 2025 | 56.72 % | 47.08 % | 39.69 % |
| Q4 2025 | 56.33 % | 48.99 % | 40.85 % |
| 2025 | 56.33 % | 48.99 % | 40.85 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2025 | 80.00 | 7.58 | 7.58 | 18.11 |
| Q2 2025 | 80.00 | 7.66 | 7.66 | 18.71 |
| Q3 2025 | 80.00 | 7.98 | 7.98 | 19.45 |
| Q4 2025 | 80.00 | 8.72 | 8.72 | 20.28 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2025 | 26.14 | 26.14 | 10.93 |
| Q2 2025 | 24.51 | 24.51 | 10.04 |
| Q3 2025 | 22.69 | 22.69 | 9.31 |
| Q4 2025 | 18.39 | 18.39 | 7.91 |
Business Segments (Million Riyal)
Q4 2025
| Period | Ground handling | Logistic solutions | Elimination |
|---|---|---|---|
| Q1 2025 | 321.90 | 62.16 | - |
| Q2 2025 | 345.13 | 54.94 | (6.10) |
| Q3 2025 | 383.59 | 49.39 | (11.77) |
| Q4 2025 | 423.83 | 85.36 | - |
Analysts Estimates (Million Riyal)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Average | 184.42 | 201.67 |
Estimates vs Actual (Million Riyal)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Riyad Capital | 189.90 | 201.67 | |
| Sico | 188.00 | 201.67 | |
| SNB Capital | 185.00 | 201.67 | |
| AlJazira Capital | 184.60 | 201.67 | |
| GIB Capital | 180.00 | 201.67 | |
| United Securities Company | 179.00 | 201.67 |

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