SAL profit jumps 58% to SAR 519.4M in 9M 2024; Q3 at SAR 155.5M
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SAL Saudi Logistics Services Co. reported a net profit of SAR 519.4 million in the first nine months of 2024, a 58% leap from SAR 329.1 million a year earlier.
Financials (M)
| Item | 9m 2023 | 9m 2024 | Change |
|---|---|---|---|
| Revenues | 1,045.09 | 1,225.27 | 17.2 % |
| Gross Income | 532.97 | 691.89 | 29.8 % |
| Operating Income | 382.77 | 553.27 | 44.5 % |
| Net Income | 329.13 | 519.40 | 57.8 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 4.11 | 6.49 | 57.8 % |
In the nine-month period, revenue increased by 17% year-on-year (YoY), due to a rise in air cargo volumes, driven by higher demand in the period.
Additionally, the company’s diversification into logistics business contributed to the overall revenue growth.
The company recorded a 30% rise YoY in gross profit, and managed costs effectively leading to higher profitability.
Operating profit also saw a substantial increase of 45%, primarily due to cost management and effective handling of key expense items.
Current Quarter Comparison (M)
| Item | Q3 2023 | Q3 2024 | Change |
|---|---|---|---|
| Revenues | 365.76 | 367.26 | 0.4 % |
| Gross Income | 169.69 | 208.49 | 22.9 % |
| Operating Income | 131.06 | 158.74 | 21.1 % |
| Net Income | 115.97 | 155.50 | 34.1 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 1.45 | 1.94 | 34.1 % |
In Q3 2024, SAL’s net profit jumped 34.1% to SAR 155.5 million, from SAR 115.9 million in the prior-year period as revenue grew by 0.4% YoY. Gross profit also improved by 22.9% on cost management and a decline in the cost of sales in the logistics solutions segment.
Net earnings were flat quarter-on-quarter (QoQ) as the topline dropped by 9.4% on seasonal factors.
Total shareholders’ equity, no minority interest, increased to SAR 1.37 billion as of Sept. 30, 2024, from SAR 1.13 million a year earlier.
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 % |
| Q3 2024 | 367.26 | 0.4 % | 208.49 | 22.9 % | 158.74 | 21.1 % |
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 |
| Q3 2024 | 155.50 | 34.1 % | 1.94 | - | 155.50 | 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 % |
| Q3 2024 | 57.12 % | 53.51 % | 42.79 % |
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 |
| Q3 2024 | 80.00 | 8.75 | 8.75 | 17.20 |
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 |
| Q3 2024 | 33.46 | 33.46 | 17.02 |
Business Segments (Million)
Q3 2024
| Period | Air cargo handling | Logistic solutions | Storage and distribution |
|---|---|---|---|
| Q1 2024 | 365.82 | 86.71 | - |
| Q2 2024 | 333.67 | 71.52 | 0.30 |
| Q3 2024 | 328.70 | 36.20 | 2.36 |
Analysts Estimates (Million)
| Item | Q3 2024 (e) | Q3 2024 (a) | Change |
|---|---|---|---|
| Average | 166.32 | 155.50 | (6.5 %) |
Estimates vs Actual (Million)
| Item | Q3 2024 (e) | Q3 2024 (a) | Change |
|---|---|---|---|
| AlJazira Capital | 159.90 | 155.50 | (2.7) % |
| United Securities Company | 165.00 | 155.50 | (5.8) % |
| SNB Capital | 167.00 | 155.50 | (6.9) % |
| GIB Capital | 167.00 | 155.50 | (6.9) % |
| Sico | 169.00 | 155.50 | (8.0) % |
| Al Rajhi Capital | 170.00 | 155.50 | (8.5) % |
| 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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