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.
| 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 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 410.62 | 452.53 | 10.2 % |
| Gross Income | 242.60 | 260.98 | 7.6 % |
| Operating Income | 204.54 | 227.35 | 11.2 % |
| Net Income | 180.58 | 208.45 | 15.4 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 2.26 | 2.61 | 15.4 % |
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.
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