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Saudi Logistics Services’ (SAL) 3Q 2024 bottom line increased 34.1% y-o-y to SAR 155 mn (c.USD 41.3 mn), according to a Tadawul disclosure and earnings release (pdf). SAL’s revenues increased by 0.4% y-o-y in 3Q 2024 to SAR 367.3 mn on the back of an increase in cargo volumes, although that was partially offset by reduced revenues from the logistics unit due to fewer projects during the quarter when compared to 3Q 2023.
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On a nine-month basis: SAL recorded a 57.8% y-o-y increase in net income to SAR 519.4 mn in 9M 2024, while revenues rose by 17.2% y-o-y SAR 1.2 bn. The increase was due to a rise in air cargo volumes, demand, and diversification in the logistics business.
REMEMBER- SAL has been making moves: SAL Saudi Logistics Services inked an agreement in August with the Royal Commission for Jubail and Yanbu to upgrade logistics provided in the Kingdom’s Jazan region, according to a statement The agreement involves connecting Jazan’s various ports to major airports, as well as supporting investors in Jazan City for Primary and Downstream Industries with logistics services provided by SAL.
