SAL carved out Saudia's cargo arm and became a listed logistics champion

SAL began as part of Saudi aviation's cargo system, but the decisive move was to separate it. The company's journey page records SAL being carved out of Saudia Cargo in December 2019, launching a logistics division in 2021, and listing on the Saudi Exchange in November 2023.

The IPO gave the logistics platform public-market visibility. SAL's 2024 annual report says the listing raised SAR2.54 billion, offered 30% of shares, was 72 times oversubscribed, and left Saudia and Tarabot with 70% combined ownership after the offer.

The business then produced operating evidence behind the strategy. In 2024 SAL revenue rose 12% to SAR1.63 billion, operating profit rose 21% to SAR710 million, and profit for the year rose 30% to SAR661 million, helped by handling growth, logistics growth, and lease-cost savings.

The 2023 IPO raised SAR2.54B; 2024 revenue reached SAR1.63B and profit rose 30% to SAR661M.

Carving SAL out of Saudia Cargo made cargo handling and logistics a focused business rather than a support function.

The IPO brought governance, liquidity, and investor scrutiny to a national logistics asset.

Long-term airport leases and logistics investments gave SAL control over core infrastructure needed for scale.

A carve-out can turn an internal service arm into a growth platform when it gets capital, governance, and a national mandate.

SAL entered 2025 as a listed national logistics champion with a larger cash base, rising dividends, and new logistics-zone ambitions. The transformation did not depend on a one-off IPO pop; the five-year table in its annual report shows revenue rising from SAR847 million in 2020 to SAR1.63 billion in 2024.