Saudi Parts Center Co. (SPC) reported a net profit after Zakat and tax of SAR 5.7 million for 2021, down 43% from SAR 10.1 million a year earlier.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 77.65 | 80.58 | 3.8 % |
| Gross Income | 28.12 | 28.20 | 0.3 % |
| Operating Income | 10.05 | 6.30 | (37.3 %) |
| Net Income | 10.05 | 5.75 | (42.8 %) |
| Average Shares | 3.00 | 3.00 | - |
| EPS (Riyals) | 3.35 | 1.92 | (42.8 %) |
The profit decline was driven by higher expenses in 2021 and inclusion of advance payments related to Iqama and work permits in 2021 expenses, which led to an increase in such expenses by SAR 879,000 compared to 2020.
The company also cited an increase in the external auditor fees.
Shareholders’ equity, after minority interest, increased to SAR 34.708 million in 2021, from SAR 29.406 million a year earlier.
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