Saudi Parts Center posts marginal rise in H1 2022 profit to SAR 2.8 mln

06/09/2022 Argaam Exclusive

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Saudi Parts Center Co. (SPC) reported to a marginal rise in H1 2022 net profit after Zakat and tax to SAR 2.84 million, from SAR 2.82 million in the year-earlier period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	38.32	44.35	15.7 %
Gross Income	13.71	15.38	12.2 %
Operating Income	3.39	3.43	1.1 %
Net Income	2.82	2.84	0.8 %
Average Shares	3.00	3.00	-
EPS (Riyals)	0.94	0.95	0.8 %

The company recorded an increase of SAR 6 million in revenue after seizing more available market opportunities to achieve the company’s targets. Gross profit also grew by SAR 1.7 million, on higher revenue. The slight growth in net profit came despite an increase of SAR 1.7 million in operating expenses (OPEX), due to higher staff costs.

The company also reported higher costs of licenses related to information technology and professional fees incurred on the company’s listing on Nomu-Parallel Market

Current Half Annual Comparison (M)

Compared With The

Item	H1 2021	H1 2022	Change‬
Revenues	38.32	44.35	15.7 %
Gross Income	13.71	15.38	12.2 %
Operating Income	3.39	3.43	1.1 %
Net Income	2.82	2.84	0.8 %
Average Shares	3.00	3.00	-
EPS (Riyals)	0.94	0.95	0.8 %

Item	H2 2021	H1 2022	Change‬
Revenues	42.26	44.35	5.0 %
Gross Income	14.49	15.38	6.1 %
Operating Income	2.91	3.43	17.7 %
Net Income	2.93	2.84	(3.0 %)
Average Shares	3.00	3.00	-
EPS (Riyals)	0.98	0.95	(3.0 %)

Shareholders’ equity, after minority interest, reached SAR 37.549 million as of June 30, 2022, up from SAR 31.999 million a year earlier

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