SAL Saudi Logistics Services Co. posted a 41% profit increase to SAR 509.7 million in 2023, compared to SAR 362.4 million in the year-earlier period.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 1,222.65 | 1,455.71 | 19.1 % |
| Gross Income | 590.97 | 775.57 | 31.2 % |
| Operating Income | 413.31 | 581.21 | 40.6 % |
| Net Income | 362.41 | 509.72 | 40.6 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 4.53 | 6.37 | 40.6 % |
The profit increase was driven by 19.1% year-on-year (YoY) growth in revenue. This includes a 15.2% increase in freight handling revenue, driven by an 11.7% rise in tonnage handled, as well as a 46.9% surge in revenue from logistic solutions.
Meanwhile, the company's continued focus on cost control and investment of available funds added to the improved net profit.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 352.50 | 410.62 | 16.5 % |
| Gross Income | 164.78 | 242.60 | 47.2 % |
| Operating Income | 119.40 | 203.43 | 70.4 % |
| Net Income | 112.97 | 180.58 | 59.9 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 1.41 | 2.26 | 59.9 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 365.76 | 410.62 | 12.3 % |
| Gross Income | 169.69 | 242.60 | 43.0 % |
| Operating Income | 127.67 | 203.43 | 59.3 % |
| Net Income | 115.97 | 180.58 | 55.7 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 1.45 | 2.26 | 55.7 % |
In Q4 2023, net profit rose by 60% to SAR 180.6 million from SAR 112.9 million in Q4 2022.
On a sequential basis, the bottom line grew 55.7% from SAR 115.9 million in Q3 2023.
Shareholders’ equity, no minority interest, reached SAR 1.23 billion as of Dec. 31, 2023, up from SAR 1.07 million a year earlier.
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