Saudi Parts Center net profit down 43% to SAR 5.7 mln in 2021

30/03/2022 Argaam Exclusive

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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.

Financials (M)

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.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2020	H2 2021	Change‬
Revenues	37.92	42.26	11.4 %
Gross Income	13.33	14.49	8.7 %
Operating Income	4.63	2.91	(37.1 %)
Net Income	4.68	2.93	(37.4 %)
Average Shares	3.00	3.00	-
EPS (Riyals)	1.56	0.98	(37.4 %)

Item	H1 2021	H2 2021	Change‬
Revenues	38.32	42.26	10.3 %
Gross Income	13.71	14.49	5.7 %
Operating Income	3.39	2.91	(14.1 %)
Net Income	2.82	2.93	3.8 %
Average Shares	3.00	3.00	-
EPS (Riyals)	0.94	0.98	3.8 %

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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