Saudi Post charges SPL. SPL charges the end customer. Every service in that chain, both prices side by side.
Where does SPL make its spread? Widest on Alami, where it pays Saudi Post about 10 riyals a shipment and charges roughly 46, and on packaging, where it pays 1 riyal and the customer pays 8 to 26. Thinnest on returns, pharma and the mailroom, where the gap is 10 to 20 percent.
Read that with care. The customer prices below are mostly PwC's 2022 averages, not actual invoices, and there are no volumes, so a wide spread on a tiny product means far less than a thin spread on a huge one. The bracketed MM figures are management’s own 2025 totals, which is how you see which spreads actually carry weight.
Both totals from EY Requests (SP-SPL TP Arrangements).xlsx, sheet “Operations (SP to SPL)”, forwarded by Aasem AlRajhi 23 July 2026. Absolute figures in the table below are the same sheet, per service, financial year 2025.
| # | Service | What Saudi Post charges SPL, per unit | What SPL charges the customer, per unit | Spread and margin |
|---|---|---|---|---|
| 1 | Express, corporate and government | 12 SAR a shipment, first 5kgAddendum 2 to the postal agreement, 21 Sep 2023, p.12. Read by eye[74.91MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 Combined “CEP + Banking” line; cannot be split between rows 1 and 2 |
2022 average 22 SAR a shipmentPwC D3, "Average Price to the Customers" column. Not an actual invoice[168.47MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 Management reports Express corporate, government and banks as one combined line, “CEP + Banking”. It cannot be split between rows 1 and 2 |
+10 SAR, 1.8×My arithmetic on the two figures left45.5% marginMy calculation. margin = (customer price − Saudi Post price) ÷ customer price |
| 2 | Express, banks | 10 SAR a shipment, first 0.5kgAddendum 2, 21 Sep 2023, p.14. Read by eye[74.91MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 Same combined line as row 1, not additional to it |
2022 average 14 SAR a shipmentPwC D3, average customer price[168.47MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 Same combined “CEP + Banking” line as row 1. Not additional to it |
+4 SAR, 1.4×28.6% marginMy calculation. margin = (customer price − Saudi Post price) ÷ customer price |
| 3 | e‑Commerce | 10 SAR a shipment, first 15kg. 5 SAR where Saudi Post does the last mile onlyAddendum 2, 21 Sep 2023, p.21. Read by eye[1.05MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 | 2022 average 18 SAR a shipmentPwC D3, average customer price[47.80MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 |
+8 SAR, 1.8×44.4% marginMy calculation. margin = (customer price − Saudi Post price) ÷ customer price |
| 4 | Merchants, international inbound | 10 SAR a shipment, plus 1.1 SAR a kg customs clearanceAddendum 2, 21 Sep 2023, pp.19-20. Read by eye[0.98MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 | 2022 average 13 SAR a shipmentPwC D3, average customer price[23.76MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 |
+3 SAR, 1.3×Thinnest margin of any product where both sides are known23.1% marginMy calculation. margin = (customer price − Saudi Post price) ÷ customer price |
| 5 | Alami | 10 SAR a shipment, plus 1.1 SAR a kg customs clearanceAddendum 2, 21 Sep 2023, p.17. Read by eye[0.57MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 | 2022 average 46 SAR a shipmentPwC D3, average customer price[10.50MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 |
+36 SAR, 4.6×Widest spread on a per-shipment product78.3% marginMy calculation. margin = (customer price − Saudi Post price) ÷ customer price |
| 6 | Pharma | 25 SAR temperature controlled, 20 SAR ambient, a shipment, first 5kgAddendum 2, 21 Sep 2023, p.8. Read by eye[1.53MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 | 2022 average, chilled only 30 SAR temperature controlled. Ambient not in the data we holdPwC D3 gives an average for the chilled product only[2.44MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 |
+5 SAR, 1.2×Chilled only. Ambient cannot be compared16.7% marginMy calculation. margin = (customer price − Saudi Post price) ÷ customer price |
| 7 | Returns | 10 SAR a shipment, first 15kgAddendum 2, 21 Sep 2023, p.23. Read by eyeno absolute on fileReturns is not a line in the management sheet. Not derived by multiplying, because volumes are the blocker | 2022 average 12 SAR a shipmentPwC D3, average customer priceno absolute on fileThis service is not a line in the management sheet. Not derived by multiplying, because volumes are the blocker |
+2 SAR, 1.2×16.7% marginMy calculation. margin = (customer price − Saudi Post price) ÷ customer price |
| 8 | International outbound | Express 20 SAR up to 10kg, 25 SAR for 10 to 30kg. Economy 15 and 20. Four riyals less if a third party takes it to the airportAddenda 1 and 3 to the retail agreement, pp.5-8. Read by eye[41.74MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 | A real tariff, not one price 150 SAR envelope. Parcels 189 to 689 express and 140 to 549 economy, by destination zone and weightRetail agreement Appendix 1, full tariff pages. Read by eye[67.65MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 |
Very wide, but not one numberThe customer price moves with destination and weight, so a single spread would be misleading |
| 9 | Packaging | 1 SAR for every service soldPackaging addendum, effective 8 Sep 2022, financial clause. Read by eye[0.09MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 | Range by item and weight 8 to 26 SARPackaging addendum, Appendix 1[1.52MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 |
+7 to +25 SARSaudi Post also gives the branch space, the staff space and pays the electricity87.5% to 96.2% marginMy calculation. margin = (customer price − Saudi Post price) ÷ customer price |
| 10 | Awfar | 12 SAR a shipment, first 5kg. Valid only while a subscriber takes fewer than 15 deliveries a yearAddendum 1, 15 Sep 2022, p.13 and Addendum 2, p.16. Read by eye[2.27MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 | 395 SAR a year, a subscription not a per-shipment pricePwC D3 and the 2021 Annex 1 card[1.01MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 | Not comparableOne side is per shipment, the other is an annual subscription. Comparing them needs deliveries per subscriber, which nobody has given |
| 11 | Mail Room | 5,900 coordinator, 7,600 supervisor, 9,100 vehicle and driver, per month2021 Annex 1, card ID-10. Whether this was replaced is unknown, no mailroom card found in the addendum pages read[7.14MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 | 6,500 coordinator, 8,500 supervisor, 10,500 vehicle and driver, per month2021 Annex 1, same card[17.70MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 | +600 to +1,400, about 1.1×Thinnest of all. Both figures may be out of date9.2% to 13.3% marginMy calculation. margin = (customer price − Saudi Post price) ÷ customer price |
| 12 | e‑P.O. Box | 8% of revenues2021 Annex 1, card ID-12. Whether this was replaced is unknown. Management's own figures show Saudi Post receiving 76% of this line, which does not match the card[6.37MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 | 1,495 SAR main box, 448 SAR a sub box2021 Annex 1, same card[8.41MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 | Cannot be statedThe two sides are on different bases and the contract card conflicts with what management reports |
| 13 | Economy, retail | 10 SAR a shipment. Cash on delivery 20% of the service feeAddendum 2, 21 Sep 2023, p.6. Read by eye[2.91MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 | Not in the data we holdNo customer price located for this product in any document read[22.93MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 | Cannot be stated |
| 14 | Express, individual and urgent | Not locatedNo individual express card in the addendum pages read. The 2021 annex had 15 to 18 SAR by weight, but whether that still applies is unknown[7.23MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 | Not in the data we hold[46.74MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 | Cannot be stated |
| 15 | Financing | No contract foundNo card or agreement located for this line in any document read[0.10MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 | Not in the data we hold[0.58MM]EY Requests xlsx, sheet “Operations (SP to SPL)”, FY2025, Aasem 23 Jul 2026 | Cannot be stated |
How to read the customer column. Where it is tagged 2022 average, the figure is PwC's own "Average Price to the Customers" from deliverable D3. That is an average struck in 2022, not a price on an invoice, and actual prices will vary by customer and contract. Where it is tagged range, the contract itself sets a tariff rather than a single price, and the full range is shown. Where nothing is verified, the cell says so and no number is offered.
What is deliberately absent. No figure here is estimated, averaged by me, or carried across from a similar product. The spread column is the only thing I calculated, and it is simply the difference between the two verified figures beside it. Three services show no comparison at all because one or both sides do not exist in the documents held.
Two contract cards may be out of date. The mailroom and e-P.O. Box rows come from the 2021 price list. Both later addenda replaced that list in full, and no replacement card for either product was found in the pages read, so it is not known whether these prices still apply. The e-P.O. Box row is worse than uncertain: the card says 8 percent of revenue while management's figures show Saudi Post receiving 76 percent, and that gap has not been explained.