Saudi Parts Center H1 2024 profit drops to SAR 689,000

22/08/2024 Argaam Exclusive

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Saudi Parts Center Co. (SPC) reported a net profit of SAR 689,000 in the first six months of 2024, down from SAR 2.6 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	50.96	52.61	3.2 %
Gross Income	17.41	16.91	(2.9 %)
Operating Income	3.81	1.48	(61.2 %)
Net Income	2.59	0.69	(73.4 %)
Average Shares	3.00	3.00	-
EPS (Riyals)	0.86	0.23	(73.4 %)

The profit decline was due to lower gross profit, as well as higher operating and other expenses resulting mainly from an increase in employee costs.

Meanwhile, sales increased by SAR 1.6 million compared to a year earlier as a result of a rise in the company’s customer base and their sales.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	50.96	52.61	3.2 %
Gross Income	17.41	16.91	(2.9 %)
Operating Income	3.81	1.48	(61.2 %)
Net Income	2.59	0.69	(73.4 %)
Average Shares	3.00	3.00	-
EPS (Riyals)	0.86	0.23	(73.4 %)

Item	H2 2023	H1 2024	Change‬
Revenues	62.38	52.61	(15.7 %)
Gross Income	18.63	16.91	(9.2 %)
Operating Income	4.69	1.48	(68.5 %)
Net Income	3.39	0.69	(79.7 %)
Average Shares	3.00	3.00	-
EPS (Riyals)	1.13	0.23	(79.7 %)

Shareholders’ equity, no minority interest, reached SAR 46.85 million as of June 30, 2024, up from SAR 43.76 million a year earlier.

Historical Data
Period	Revenue (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
H1 2024	52.61	0.69	0.23

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