Al Khaldi Logistics profit down 3% to SAR 56.5M in 2024; H2 at SAR 26.1M

Al Khaldi Logistics Co., slated to list on Nomu-Parallel Market, reported a net profit of SAR 56.5 million for 2024, a 3% decline from SAR 58.1 million in 2023.

The annual profit drop was ascribed to tight margins due to higher shipping costs and the cost of new trucks sold, despite elevated revenues for the same year.

Gross profit margin decreased from 35% in 2023 to 34% for 2024. Further, the operating profit margin tumbled from 20% in 2023 to 19% in 2024 amid soaring marketing expenses.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) fell to SAR 95.3 million in 2024, compared to SAR 98.3 million in 2023.

Additionally, gains on the disposal of assets (trucks) shrank to SAR 11.4 million in 2024, from SAR 15.8 million a year earlier.

Furthermore, financing costs increased to SAR 19.6 million in 2024, versus SAR 17.4 million in 2023.

Zakat expenses also surged to SAR 1.6 million for the same year, compared to SAR 1.5 million in 2023.

Accordingly, the net profit margin retreated from 20% in 2023 to 17% in 2024.

On the other hand, the 2024 topline grew as revenues of the transport services segment advanced by 6% year-on-year (YoY) to SAR 312.8 million for the year, driven by an expansion in the size of the truck and trailer fleet.

Revenues from the sale of new trucks also surged to SAR 15.9 million in 2024, compared to SAR 3.4 million for 2023.

In H2 2024, net profit came in 33% lower at SAR 26.12 million, from SAR 38.95 million in H2 2023.

Sequentially, net profit fell 13.9% from SAR 30.35 million in H1 2024.

Total shareholders’ equity, excluding minority interest, stood at SAR 233.8 million as of Dec. 31, 2024, compared to SAR 207.6 million a year earlier.