Saudi Logistics Services (SAL) saw its net income surge nearly 30% y-o-y to SAR 661 mn (c. USD 176 mn) in FY 2024, according to a Tadawul disclosure and an earnings release (pdf). The firm’s topline rose 12% y-o-y to SAR 1.6 bn (c. USD 427 mn) during the same period.

Behind the growth: The Saudi firm attributes the rise in net income to topline growth, improvised cost-control measures, savings from major terminal lease agreements — which includes the signing of an air cargo lease and development agreement from Riyadh Airports Co last year — and earnings from short-term Murabaha deposits.

Revenue was up across the board: SAL’s cargo handling division saw a 20% y-o-y increase in revenues to SAR 1.36 bn. The rise was driven by an overall 20% volume increase in 2024, which was largely caused by high 1Q volumes and a 30% increase in courier volumes. The firm's logistics division earnings increased 15% y-o-y to SAR 271 mn, attributable to diversification efforts.

SAL’s been on a roll: SAL initiated recent expansions to its air cargo operations, putting some SAR 12 mn into anair cargo terminal at Madinah’s Prince Mohammad Bin Abdulaziz International Airport, as well as investing SAR 100 mn inKing Fahd International Airport in Dammam to upgrade the facility up till 2033. It also inked an agreement back in August with the Royal Commission for Jubail and Yanbu to upgrade logistics operations in the Kingdom’s Jazan region.

ETIHAD AIRWAYS-

Etihad Airways’ net income after tax surged threefold to AED 1.7 bn in 2024, fueled by strong passenger and cargo growth, the ADQ-owned carrier said in a statement. Total revenue climbed 25% y-o-y to AED 25.3 bn, driven by a 25% rise in passenger revenue to AED 20.8 bn, supported by network expansion and higher capacity. Cargo revenue surged 24% y-o-y to AED 4.2 bn, supported by a 12% rise in cargo volumes and improved yields in the second half of the year.

Additions and expansions gave a boost: Etihad Airways added 12 aircraft to its fleet, including six A320 NEOs. The firm’s passenger revenues also rose 25% y-o-y to AED 20.8 bn on the back of network expansions with 20 new destinations added in 2024 as well as running 1.7k weekly flights.

What’s next for Etihad Airways? Etihad Airways is planning to invest USD 7 bn in the nextfour to five years to expand routes and upgrade the company’s fleet, CEO Antonoaldo Neves told CNBC back in December. He added that the company’s operations are expected to grow by 80-90% within two years.

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