Saudia to list 30% stake in cargo company in IPO
Saudi Arabia’s airline, Saudia, will list a 30 per cent stake in cargo firm SAL Saudi Logistics Services Co. in a Riyadh IPO, as the KSA’s market for listings picks up after a slow start to the year. As per a statement on Tuesday, Saudi Arabian Airlines Corp., also known as Saudia, and Tarabot Air Cargo Services Ltd. are offering 24 million shares in the cargo firm in the Tadawul listing. SAL is the leading cargo handling player in KSA with an estimated 95 per cent marketshare. It also handles transit and export shipments. The company’s revenue totaled 1.22 billion Riyals in 2022 and net income of 362 million Riyals. In the first half of this year, SAL posted revenue growth of 15 percent year-on-year. Saudia currently owns 70 per cent of SAL, while Tarabot owns 30 per cent of the firm.