Saudi Parts Center net profit down 43% to SAR 5.7 mln in 2021
30/03/2022
Argaam Exclusive
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Saudi Parts Center Co. (SPC) reported a net profit after Zakat and tax of SAR 5.7 million for 2021, down 43% from SAR 10.1 million a year earlier.
Financials (M)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 77.65 | 80.58 | 3.8 % |
| Gross Income | 28.12 | 28.20 | 0.3 % |
| Operating Income | 10.05 | 6.30 | (37.3 %) |
| Net Income | 10.05 | 5.75 | (42.8 %) |
| Average Shares | 3.00 | 3.00 | - |
| EPS (Riyals) | 3.35 | 1.92 | (42.8 %) |
The profit decline was driven by higher expenses in 2021 and inclusion of advance payments related to Iqama and work permits in 2021 expenses, which led to an increase in such expenses by SAR 879,000 compared to 2020.
The company also cited an increase in the external auditor fees.
Compared With The
Current Half Annual Comparison (M)
| Item | H2 2020 | H2 2021 | Change |
|---|---|---|---|
| Revenues | 37.92 | 42.26 | 11.4 % |
| Gross Income | 13.33 | 14.49 | 8.7 % |
| Operating Income | 4.63 | 2.91 | (37.1 %) |
| Net Income | 4.68 | 2.93 | (37.4 %) |
| Average Shares | 3.00 | 3.00 | - |
| EPS (Riyals) | 1.56 | 0.98 | (37.4 %) |
Shareholders’ equity, after minority interest, increased to SAR 34.708 million in 2021, from SAR 29.406 million a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2021 | 38.32 | (3.5 %) | 13.71 | (7.4 %) | 3.39 | (37.4 %) |
| H2 2021 | 42.26 | 11.4 % | 14.49 | 8.7 % | 2.91 | (37.1 %) |
| 2021 | 80.58 | 3.8 % | 28.20 | 0.3 % | 6.30 | (37.3 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2021 | 2.82 | (47.5 %) | 0.94 | - | 2.82 | 0.94 |
| H2 2021 | 2.93 | (37.4 %) | 0.98 | - | 2.93 | 0.98 |
| 2021 | 5.75 | (42.8 %) | 1.92 | - | 5.75 | 1.92 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2021 | 35.45 % | 12.89 % | 9.83 % |
| H2 2021 | 34.99 % | 10.56 % | 7.13 % |
| 2021 | 34.99 % | 10.56 % | 7.13 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2021 | 3.00 | 2.50 | 2.50 | 10.67 |
| H2 2021 | 3.00 | 1.92 | 1.92 | 11.57 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2021 | - | - | - |
| H2 2021 | - | - | - |
Business Segments (Million)
2021
| Period | Heavy equipment spare parts | Truck spare parts | Turbocharger spare parts |
|---|
| Current | |
| Market Cap (M Riyal) | 210.00 |
| Enterprise Value (EV) (M) | 208.85 |
| Shares Outstanding ((M)) | 3.00 |
| Book Value (BV) ( Riyal) | 15.39 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 35.11 |
| Price/book | 4.55 |
Share Price
Saudi Parts Center Co. (SPC)
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