Saudi Parts Center posts 9% profit decline in H1 2023 to SAR 2.6 mln

31/08/2023 Argaam Exclusive

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Saudi Parts Center Co. (SPC) reported a 9% fall in H1 2023 net profit to SAR 2.6 million from SAR 2.8 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	44.35	50.96	14.9 %
Gross Income	15.38	17.41	13.2 %
Operating Income	3.43	3.81	11.1 %
Net Income	2.84	2.59	(8.7 %)
Average Shares	3.00	3.00	-
EPS (Riyals)	0.95	0.86	(8.7 %)

The profit decline was due to an increase in operating expenses and other expenses, mainly due to higher employee costs.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	44.35	50.96	14.9 %
Gross Income	15.38	17.41	13.2 %
Operating Income	3.43	3.81	11.1 %
Net Income	2.84	2.59	(8.7 %)
Average Shares	3.00	3.00	-
EPS (Riyals)	0.95	0.86	(8.7 %)

Item	H2 2022	H1 2023	Change‬
Revenues	49.92	50.96	2.1 %
Gross Income	17.55	17.41	(0.8 %)
Operating Income	5.65	3.81	(32.6 %)
Net Income	4.05	2.59	(35.9 %)
Average Shares	3.00	3.00	-
EPS (Riyals)	1.35	0.86	(35.9 %)

Shareholders’ equity, no minority interest, reached SAR 43.76 million as of June 30, 2023, up from SAR 37.55 million a year earlier.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR/Share)
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

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