Saudi Parts Center logs 20% growth in 2022 profit to SAR 6.9 mln

29/03/2023 Argaam Exclusive

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Saudi Parts Center Co. (SPC) reported a net profit of SAR 6.9 million for 2022, leaping 20% from SAR 5.8 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	80.58	94.27	17.0 %
Gross Income	28.20	32.93	16.8 %
Operating Income	6.30	9.08	44.1 %
Net Income	5.75	6.89	19.8 %
Average Shares	3.00	3.00	-
EPS (Riyals)	1.92	2.30	19.8 %

Revenue increased by 16.99% year-on-year (YoY) to SAR 94.3 million in 2022, as revenue from the truck spare parts segment soared by 100% YoY and revenue from the heavy equipment parts segment grew by 6% YoY. Further, revenue from the turbocharger division increased by 15% YoY.

However, administrative and selling expenses rose by SAR 2.6 million, mainly due to the higher number of employees.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Revenues	42.26	49.92	18.1 %
Gross Income	14.49	17.55	21.1 %
Operating Income	2.91	5.65	94.1 %
Net Income	2.93	4.05	38.2 %
Average Shares	3.00	3.00	-
EPS (Riyals)	0.98	1.35	38.2 %

Item	H1 2022	H2 2022	Change‬
Revenues	44.35	49.92	12.5 %
Gross Income	15.38	17.55	14.1 %
Operating Income	3.43	5.65	64.9 %
Net Income	2.84	4.05	42.4 %
Average Shares	3.00	3.00	-
EPS (Riyals)	0.95	1.35	42.4 %

Shareholders’ equity, no minority interest, increased to SAR 41.16 million at the end of 2022, from SAR 34.70 million a year earlier.

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