Mubasher - Thabet Shehata: Companies listed in the transportation sector on the Saudi stock market recorded a significant increase in net profits in 2024, compared to 2023, supported by major companies led by SAL, Ground Services, Budget, and SAPTCO.

Mubasher statistics, based on companies' disclosures on the Tadawul website, revealed that the net profits of seven listed companies in the sector rose to SAR 1.68 billion last year, compared to SAR 1.35 billion in profits for those companies in 2023, a 24.44% increase.

"Sal" captures 39.43%

Saudi Logistics Services Company (SAL) topped the list in terms of highest profits, with a net profit of SAR 661.44 million in 2024, representing 39.43% of the sector's total profits, compared to SAR 509.72 million in 2023, an increase of 29.77%.

The company attributed the increase in net profits to a significant increase in total revenues, effective cost control measures, a reduction in the rental costs of key stations, and income from short-term Murabaha deposits.

The company's revenues increased by 12% to SAR 1.63 billion in 2024, compared to SAR 1.46 billion in 2023, supported by revenues from the ground handling and logistics solutions sectors.

Saudi Ground Services Company ranked second in terms of highest profits, after the company's profits grew to 327 million riyals in 2024, compared to 211.48 million riyals in 2023, an increase of 54.64%.

The company explained that the main reason for the increase in net profits was a rise in revenues by SAR 224.9 million, along with an increase in other revenues and a decrease in financing costs.

She noted that the increase in revenues in 2024, compared to the previous year, was the result of increased domestic and international air traffic, in addition to the increase in the number of Umrah pilgrims throughout the year.

United International Transportation Company (Budget Saudi Arabia) came in third, with profits rising to 311.69 million riyals, compared to 277.21 million riyals in 2023, an increase of 12.44%.

The company attributed the increase in net profit to improved operating rates in short- and long-term leasing, along with an increase in fleet size. The acquisition of "Alam Al-Ayara", which focuses on long-term leasing, also contributed to the increase in profits.