Latest news with #cargoHandling
Bloomberg
19-05-2025
- Business
- Bloomberg
Trump Crane Tariffs Would Cost US Ports $6.7 Billion, Group Says
Import tariffs imposed on Chinese-built cranes could cost key US cargo handling facilities nearly $6.7 billion and inhibit infrastructure investment, according to a group that represents 81 ports across the country. 'Ports would have no choice but to pay these tariffs or drastically scale back their port modernization plans,' said Cary Davis, chief executive officer of the American Association of Port Authorities. 'That affordability problem leads to a capacity problem.'
CNA
16-05-2025
- Business
- CNA
PSA to hire 2,500 more staff as Singapore's ports on track to break cargo-handling record
Singapore is on track to break its cargo-handling record for the second straight year, despite the global trade war and shift in supply chains. It handled 6.1% more twenty-foot equivalent units (TEUs) from January to April this year, compared to the same period in 2024. During a visit to the Pasir Panjang Terminal, Transport Minister Chee Hong Tat shared that PSA is hiring more than 2,500 staff, with jobs ranging from frontline port operators to IT professionals. Charlotte Lim reports.
Zawya
14-05-2025
- Business
- Zawya
SAL achieves SAR153mln net profit in Q1 2025 and advances logistics growth strategy
SAL Saudi Logistics Services Company ('SAL' or 'the Company') (Ticker: TADAWUL 4263), Saudi Arabia's leading cargo handling player and logistics solutions provider, today announced its financial results for the three-month period ended 31 March 2025. Highlights for Q1 2025 SAL delivered a strong performance with stable margins, during a year with lower cargo volumes, mainly driven by volume normalization compared to last year's exceptional peak, and changes in product mix. The Handling division continues to play a pivotal role in revenue contribution, further supported by growing e-commerce demand. In the Logistics division, SAL has proactively strengthened its business, including prudent credit risk provisioning and introducing more capacity in fulfillment operations. Further to this, we launched the SAL Logistics Zone in northern Riyadh, investing SAR 4 billion which aligns both our growth strategy for the Division and the goals of Vision 2030. The Company affirmed its commitment to distributing dividends to shareholders, with the Board of Directors recommending a distribution of SAR 114.4 million for the first quarter. Omar bin Talal Hariri, Chief Executive Officer of SAL, commented: 'The results of the first quarter of 2025 reflect the strength, resilience, and efficiency of our operations, as we navigate a gradual return to stabilized indicators. Although a decline in volumes compared to an exceptional period last year, we maintained our operational discipline and our leading position in cargo handling, which enabled the division to continue being a key contributor to profitability, supported by stable operations and our customers' trust in our services. We continue to work on enhancing performance in the logistics division, focusing on growth and increasing market share, with full confidence in the division's long-term potential. We look ahead with optimism to the next phase of our growth strategy through the SAL Logistics Zone project in Falcon City, Riyadh, with an investment of SAR 4 billion. This project represents a strategic transformation that will boost the division's growth, aligns with the Vision 2030 objectives, and positions SAL ideally to seize the tremendous opportunities offered by the growing logistics sector in the Kingdom. As we continue to strengthen our core capabilities, we remain committed to investing in sustainable growth while maintaining our focus on delivering long-term value to our customers and shareholders.' Haydar Ucar, Chief Financial Officer of SAL, commented: 'SAL delivered resilient financial results in the first quarter of 2025, preserving profit margins, managing costs, and managing a healthy balance sheet, in spite of slightly lower volumes compared to last year's uncharacteristic spike. We maintained a healthy EBIT margin, preserved liquidity, and continued to generate positive cashflows. Our proactive financial management, including our investment strategy and working capital optimization, has reinforced the Company's resilience. As we look ahead, we are focused on driving operational efficiency, supporting strategic expansion initiatives, and maintaining a strong foundation for sustainable growth and generating more value for our shareholders.' Revenue and Profitability SAL delivered strong financial performance in Q1 2025, reflecting the resilience of its core business and disciplined cost management, in spite of a relative decline in shipment volumes compared to the same period last year. Revenue for Q1 2025 totalled of SAR 384 million, compared to SAR 453 million in Q1 2024, representing a year-on-year decrease of 15%. The decline was due to a reduction of 6% in shipment volumes and seasonality differences impacting the Company's product mix. However, the rapid and continuing growth in e-commerce demand helped mitigate the impact. Profit for the period Q1 2025 SAR Million Q1 2024 SAR Million Variance Q4 2024 SAR Million Variance Revenue 384 453 -15% 409 -6% Operating Profit (EBIT) 165 228 -28% 155 6% Operating Margin % 43.0% 50.3% -7.4pp 37.9% 5.1pp Profit for the period 153 208 -27% 142 8% EPS 1.91 2.61 -27% 1.78 8% Operating profit (EBIT) stood at SAR 165 million, compared to SAR 228 million in the same period last year, resulting in an operating profit margin of 43.0%, down from 50.3% a year earlier. The decline was primarily attributed to lower handling volumes as well as a one-off provisioning for accounts receivable, implemented as part of a proactive approach to credit risk management. Despite the drop, the operating profit margin improved on a quarterly basis from 37.9% in Q4 2024 to 43.0% in Q1 2025, supported by enhanced operational efficiency, as well as accounting for temporary credit provisioning and positive one-offs. Net profit for the quarter reached SAR 153 million, compared to SAR 208 million in Q1 2024 and SAR 142 million in Q4 2024. Earnings per share (EPS) stood at SAR 1.91, compared to SAR 2.61 in the same period last year and SAR 1.78 in the previous quarter. This reflects the strength of SAL's core business and the resilience of its performance while experiencing market fluctuations. Cash Flow and Balance Sheet SAL preserved a strong cash position and further strengthened its balance sheet, supported by continued robust liquidity through disciplined cash flow management. Operating cash flow amounted to SAR 39 million in the first quarter of 2025, compared to SAR 158 million in the prior-year period. Adjusted free cash flow was SAR 25 million, down from SAR 127 million a year earlier. Capital expenditure (CAPEX) decreased to SAR 15 million from SAR 31 million, with investments primarily focused on design and planning activities for the Company's long-term strategic projects. Balance Sheet Q1 2025 SAR Million Q1 2024 SAR Million Variance Net Working Capital 329 273 20% Property and Equipment 725 724 0% Right-of-Use Assets 532 887 -40% Intangible Assets 11 13 -20% Total Assets 3,186 3,354 -5% Total Equity 1,449 1,322 10% Total Liabilities 1,737 2,033 -15% Cash Flow Q1 2025 SAR Million Q1 2024 SAR Million Variance Net Cash Generated from Operations 39 158 -75% Capital Expenditures (CAPEX) 15 31 -52% Adjusted Free Cash Flow 25 127 -81% Dividends paid 106 121 -12% Net debt improved by 13% year-over-year, reaching SAR -662 million, compared to SAR -586 million in Q1 2024, reinforcing the Company's ability to grow with agility. Additionally, shareholders' equity increased by 10%, while liabilities decreased by 15%. Net working capital rose to SAR -329 million, marking a 20% increase year-over-year, driven by a reduction in short-term liabilities - particularly the settlement of annual lease payments. These improvements reflect a sustainable approach to working capital management, enhanced cash collection cycles, and support for long-term growth. Over the past five quarters, SAL has demonstrated gradual and disciplined improvement in net working capital, reflecting ongoing advancements in operational efficiency and strategic balance sheet management. Dividend Announcement SAL's Board of Directors recommended an ordinary cash dividend of SAR 114.4 million for the first quarter of 2025, subject to approval by the General Assembly. This equates to SAR 1.43 per share, compared to SAR 1.76 per share in Q1 2024. The recommendation reflects the Company's ongoing commitment to enhancing shareholder value. Earnings Call An earnings call will be held to discuss the financial results with analysts and investors at 3:30 PM (KSA) on May 20, 2025. Interested investors are encouraged to contact the Investor Relations department for participation details. About SAL Saudi Logistics Services Co. SAL Saudi Logistics Services Co. (Ticker: TADAWUL 4263) is the leading logistics services provider in Saudi Arabia, specializing in air cargo handling, ground handling, and logistics solutions. With operations spanning key airports and logistics hubs across the Kingdom, SAL plays a crucial role in facilitating trade and connectivity in the region. The Company is committed to innovation, operational excellence, and sustainable business practices, ensuring seamless and efficient logistics services to airlines, freight forwarders, and other industry stakeholders. SAL continues to expand its network and enhance its service offerings, reinforcing its position as a key enabler of Saudi Arabia's Vision 2030 logistics ambitions.
