Page 20 - 7X PR REPORT AUGUST 2024

The carrier also made structural changes to its global network, dividing it into four regions to
improve customer service and operational efficiency. These efforts underscore Etihad Cargo’s
commitment to meeting the evolving needs of its customers and maintaining its position as a
leading air cargo provider.

Milaha

Milaha reported a net profit of $173 million for H1 of 2024, slightly down from $178 million in the
same period of 2023. The company faced mixed results across its different segments. While the
Maritime and Logistics segment saw a decrease in net profit by $9 million due to volume and rate
pressures, the Gas and Petrochem segment experienced an increase of $9 million, primarily driven
by higher earnings from associated companies.

The Offshore segment faced challenges, with a net profit decline of $7 million, attributed to vessel
maintenance and the absence of favourable accounting adjustments that had boosted results in
2023. On the other hand, Milaha Capital saw a $4 million increase in net profit, supported by better
performance in financial investments. However, the Trading segment struggled with a $3 million
decrease in its bottom line, impacted by lower sales and higher overhead costs.

Operating revenues for the period were $394 million, down from $416 million in the same period
last year, reflecting the mixed performance across its various business units.

SAL

SAL Saudi Logistics Services reported strong financial performance in the first half of 2024, with
significant growth across various metrics. The company’s net profit surged by 70.7% to $97 million,
up from $57 million in H1 2023. This impressive growth was driven by a 26.3% increase in revenues,
which reached $229 million. The company’s operating income also saw a substantial rise of 57.1%,
reaching $105 million.

The growth was fueled mainly by the performance of SAL’s cargo handling division, which saw an
18% increase in revenue due to higher volumes and contributions from the logistics division. SAL’s
strong focus on cost control further enhanced its profitability.

Overall, SAL’s robust financial results underscore its strategic positioning within Saudi Arabia’s
logistics sector, particularly as the company continues to expand its offerings and capitalise on
growing demand within the region.

https://www.logisticsmiddleeast.com/business/bottom-line-rounding-up-the-h1-financial-results-
from-middle-east-logistics-giants?trk=public_post-text