SAL Saudi Logistics Services (4263) Q3 2026 earnings summary

Executive summary

• Record Q3 revenue of SAR 579m, up 38% YoY; EBIT rose 34% to SAR 252m and net profit rose 28% to SAR 232m, led by Cargo Ground Handling.

• Cargo activity recovered in August and September after subdued July, with stronger imports, higher-yield mix and terminal services supporting growth.

• Liège acquisition and SAL Zones construction advanced, while regional disruption prompted a more cautious cargo-volume outlook.

Financial highlights

• Q3 revenue was SAR 579m (+38% YoY), gross profit SAR 355m (+42%), EBIT SAR 252m (+34%) and net profit SAR 232m (+28%).

• 9M revenue reached SAR 1.537bn (+28%), EBIT SAR 636m (+21%), net profit SAR 580m (+17%) and EPS SAR 7.25 versus SAR 6.20.

• Q3 EPS rose to SAR 2.90 from SAR 2.26; profit before Zakat increased 29% to SAR 247m.

• 9M operating cash flow was SAR 696m, up 10% YoY; adjusted free cash flow was SAR 337m.

Outlook and guidance

• FY2026 cargo-volume outlook was revised from mid-single-digit growth to broadly flat to slightly negative amid regional uncertainty.

• SAL Zones Phase I remains targeted for completion by end-2027, with revenue generation planned from 2028; external and supply-chain disruption may affect timing and capital deployment.

• Cargo Ground Handling is expected to remain the primary earnings contributor; Logistics priorities include commercial expansion, customer diversification, improved asset utilization and stronger operating leverage.

• Management expects cargo movements to normalize as restrictions ease, but the timing and scale of recovery remain uncertain.