Saudi Parts Center logs 13% fall in 2023 profit to SAR 6M

30/03/2024 Argaam Exclusive

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Saudi Parts Center Co. (SPC) reported a net profit of SAR 6 million for 2023, falling 13% from SAR 6 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	94.27	113.34	20.2 %
Gross Income	32.93	36.04	9.4 %
Operating Income	9.08	8.50	(6.4 %)
Net Income	6.89	5.98	(13.2 %)
Average Shares	3.00	3.00	-
EPS (Riyals)	2.30	1.99	(13.2 %)

The profit decline was attributed to higher administrative and selling expenses by SAR 3.4 million compared to 2022, due to the increase in the number of sales employees.

The company also cited losses of SAR 613,000 from currency exchange rates related to payments to external suppliers.

Meanwhile, 2023 revenues grew due to higher revenues from the truck spare parts segment by 45% and an increase in revenues from the heavy equipment spare parts segment by 17% compared to the previous year.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	49.92	62.38	25.0 %
Gross Income	17.55	18.63	6.1 %
Operating Income	5.65	4.69	(16.9 %)
Net Income	4.05	3.39	(16.3 %)
Average Shares	3.00	3.00	-
EPS (Riyals)	1.35	1.13	(16.3 %)

Item	H1 2023	H2 2023	Change‬
Revenues	50.96	62.38	22.4 %
Gross Income	17.41	18.63	7.0 %
Operating Income	3.81	4.69	23.3 %
Net Income	2.59	3.39	30.6 %
Average Shares	3.00	3.00	-
EPS (Riyals)	0.86	1.13	30.6 %

Shareholders’ equity, no minority interest, increased to SAR 46.17 million at the end of 2023, from SAR 41.17 million a year earlier.

Historical Data
Period	Revenues (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2020	39.73	5.37	1.79
H2 2020	37.92	4.68	1.56
H1 2021	38.32	2.82	0.94
H2 2021	42.26	2.93	0.98
H1 2022	44.35	2.84	0.95
H2 2022	49.92	4.05	1.35
H1 2023	50.96	2.59	0.86
H2 2023	62.38	3.39	1.13

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