Riyadh – Mubasher: SAL Saudi Logistics Services Company posted an annual hike of 40.65% in net profit to SAR 509.71 million as of 31 December 2023, compared to SAR 362.41 million.
Earnings per share (EPS) jumped to SAR 6.37 last year from SAR 4.53 in 2022, according to the annual financial results.
SAL recorded 19.06% year-on-year (YoY) higher revenues at SAR 1.45 billion in 2023 when compared to SAR 1.22 billion. This was attributed to a 15% increase in revenues from the cargo handling sector, which accounted for 84% of total revenues, in addition to a 47% surge in revenues from the logistics solutions sector, representing 16% of total revenues.
Faisal Albedah, Managing Director and CEO of SAL, highlighted that the higher revenues motivated them “to continue developing our logistics services and solutions and meeting the needs of our customers at the highest level of comprehensiveness and e‑iciency, maximizing value for our customers and shareholders, and realizing our vision as a National Logistics Champion connecting the Kingdom with the world."
As of 30 September 2023, SAL posted a 31.95% YoY leap in net profit to SAR 329.13 million in net profit, compared to SAR 249.44 million.
Dividends
The board members recommended cash dividends worth SAR 120.80 million, equivalent to 15.10% of the company’s capital, for the fourth quarter (Q4) of 2023.
SAL will pay out a dividend of SAR 1.51 per share for 80 million eligible shareholders.
The distribution will take place within 15 working days from the eligibility date of 7 March 2024.
Last December, the Tadawul-listed firm disbursed cash dividends valued at SAR 152 million for Q2-23 as well as Q3-23.
