SAL posts 71% profit leap to SAR 363.9M in H1 2024; Q2 at SAR 155.5M
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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 | - |
| 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)
| 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 | - |
| 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
Financial results (Million)
| 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 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2024 | 208.45 | 99.8 % | 2.61 | - | 208.45 | 2.61 |
| Q2 2024 | 155.45 | 42.8 % | 1.94 | - | 155.45 | 1.94 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 54.62 % | 52.20 % | 39.14 % |
| Q2 2024 | 54.80 % | 52.19 % | 40.41 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2024 | 31.36 | 31.36 | 14.56 |
| Q2 2024 | 38.11 | 38.11 | 18.83 |
Business Segments (Million)
Q2 2024
| Period | Air cargo handling | Logistic solutions | Storage and distribution |
|---|---|---|---|
| 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) % |
| 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 |
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