{"id":84643,"date":"2025-02-20T00:00:00","date_gmt":"2025-02-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2025\/02\/20\/fy-2024-earnings-from-sal-and-etihad-airways\/"},"modified":"2025-02-20T00:00:00","modified_gmt":"2025-02-20T00:00:00","slug":"fy-2024-earnings-from-sal-and-etihad-airways","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2025\/02\/20\/fy-2024-earnings-from-sal-and-etihad-airways\/","title":{"rendered":"FY 2024 earnings from SAL and Etihad Airways"},"content":{"rendered":"

<\/strong>Saudi <\/strong>Logistics Services (SAL) saw its net income surge nearly 30% y-o-y <\/strong>to SAR 661 mn (<\/strong>c. USD 176 mn<\/strong>) in FY 2024<\/strong>, according to a Tadawul<\/a> disclosure and an earnings release (pdf)<\/a>. The firm\u2019s topline rose 12% y-o-y to SAR 1.6 bn (c. USD 427 mn) during the same period. <\/p>\n

Behind the growth<\/strong>:<\/strong> The Saudi firm attributes the rise in net income to topline growth, improvised cost-control measures, savings from major terminal lease agreements \u2014 which includes the signing of an air cargo lease and development agreement<\/a> from Riyadh Airports Co last year \u2014 and earnings from short-term Murabaha deposits. <\/p>\n

Revenue was up across the board: <\/strong>SAL\u2019s 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.<\/p>\n

SAL\u2019s been on a roll: <\/strong>SAL initiated recent expansions to its air cargo operations, putting some SAR 12 mn into an<\/a>air cargo terminal<\/a> at Madinah\u2019s Prince Mohammad Bin Abdulaziz International Airport, as well as investing SAR 100 mn in<\/a>King Fahd International Airport in Dammam<\/a> to upgrade the facility up till 2033. It also inked an agreement back in August<\/a> with the Royal Commission for Jubail and Yanbu to upgrade logistics operations in the Kingdom\u2019s Jazan region.<\/p>\n

\n

ETIHAD AIRWAYS-<\/p>\n

Etihad Airways<\/strong>\u2019 net income after <\/strong>tax surged <\/strong>threefold to AED 1.7 bn in 2024, fueled by strong passenger and cargo growth<\/strong>, the ADQ-owned carrier said in a statement<\/a>. 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.<\/p>\n

Additions and expansions gave a boost: <\/strong>Etihad Airways added 12 aircraft to its fleet, including six A320 NEOs. The firm\u2019s 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.<\/p>\n

What\u2019s next for Etihad Airways? <\/strong>Etihad Airways is planning to invest USD 7 bn in the next<\/a>four to five years<\/a> to expand routes and upgrade the company\u2019s fleet, CEO Antonoaldo Neves told CNBC back in December. He added that the company\u2019s operations are expected to grow by 80-90% within two years.<\/p>\n","protected":false},"excerpt":{"rendered":"

The two companies had a good year<\/p>\n","protected":false},"author":1,"featured_media":84644,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[175],"tags":[174,157,31,129],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-etihad-airways","tag-saudi-arabia","tag-uae","wpautop","entry"],"acf":{"mongo_id":"7369f8cc-3aaa-46cd-9b77-8886a1ae387f","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/708.jpg","photo_position":"above","homepage_title":"","full_issue_title":"FY 2024 earnings from SAL and Etihad Airways","related_issue":[84628],"teaser":"The two companies had a good year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/2\/.af56aa89-8142-41ca-80ab-d6f5e970a92c.mp3"},"yoast_head":"\nFY 2024 earnings from SAL and Etihad Airways - 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