SAL net profit doubles to SAR 208.5M in Q1 2024

SAL net profit doubles to SAR 208.5M in Q1 2024

12/05/2024 Argaam Exclusive

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SAL Saudi Logistics Services Co.'s net profit nearly doubled to SAR 208.5 million in Q1 2024, compared to SAR 104.4 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 339.97 452.53 33.1 %
Gross Income 179.96 260.98 45.0 %
Operating Income 123.00 227.35 84.8 %
Net Income 104.35 208.45 99.8 %
Average Shares 80.00 80.00 -
EPS (Riyals) 1.30 2.61 99.8 %

Revenues increased by 33.1% on higher earnings of ground handling, volume of freight handling, and logistics solutions by 24.4%, 31.5%, and 89%, respectively.

 

The company attributed the profit growth to the continuous focus on controlling costs and investing in available liquidity.

 

On a sequential basis, the bottom line grew 15.4% from SAR 180.58 million in Q4 2023.

 

Shareholders’ equity, no minority interest, reached SAR 1.32 billion as of Dec. 31, 2023, up from SAR 1.04 million a year earlier.

Attached Documents:

 

View More Financial Results

 


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 % 131.06 36.5 %
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 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO 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

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 % 43.53 % 29.64 %
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 %
Q1 2024 54.62 % 52.20 % 39.14 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (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

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

Business Segments (Million)

Compared With The
Period Air cargo handling Logistic solutions
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

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 168.02 208.45 24.06 %

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
GIB Capital 209.00 208.45 (0.3) %
SNB Capital 211.00 208.45 (1.2) %
AlJazira Capital 148.10 208.45 40.7 %
United Securities Company 140.00 208.45 48.9 %
Al Rajhi Capital 132.00 208.45 57.9 %


Financial Ratios
Current
Market Cap (M Riyal) 20,464.00
Enterprise Value (EV) (M) 19,756.84
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) 29.23
P/E (TTM) 29.23
Price/book 14.87
Return on Average Assets (%) (TTM) 21.4
Return on Average Equity (%) (TTM) 55.8
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Share Price

SAL Saudi Logistics Services Co.
255.80
(1.00) (0.39 %)

SAL Saudi Logistics Services Co. (SAL)

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