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

30/03/2024 Argaam Exclusive

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 %)

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

View more financial results

 

View other reports

Share Price

Saudi Parts Center Co.
68.00
4.00 6.25 %

Saudi Parts Center Co. (SPC)

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Financial Ratios
Current
Market Cap (M Riyal) 204.00
Enterprise Value (EV) (M) 202.85
Shares Outstanding ((M)) 3.00
Book Value (BV) ( Riyal) 15.39
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 34.11
Price/book 4.42
more


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 39.73 - 14.80 - 5.42 -
H2 2020 37.92 - 13.33 - 4.63 -
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 %)
H1 2022 44.35 15.7 % 15.38 12.2 % 3.43 1.1 %
H2 2022 49.92 18.1 % 17.55 21.1 % 5.65 94.1 %
H1 2023 50.96 14.9 % 17.41 13.2 % 3.81 11.1 %
H2 2023 62.38 25.0 % 18.63 6.1 % 4.69 (16.9 %)
2023 113.34 20.2 % 36.04 9.4 % 8.50 (6.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 5.37 - 1.79 - 5.37 1.79
H2 2020 4.68 - 1.56 - 4.68 1.56
H1 2021 2.82 (47.5 %) 0.94 - 2.82 0.94
H2 2021 2.93 (37.4 %) 0.98 - 2.93 0.98
H1 2022 2.84 0.8 % 0.95 - 2.84 0.95
H2 2022 4.05 38.2 % 1.35 - 4.05 1.35
H1 2023 2.59 (8.7 %) 0.86 - 2.59 0.86
H2 2023 3.39 (16.3 %) 1.13 - 3.39 1.13
2023 5.98 (13.2 %) 1.99 - 5.98 1.99

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 36.22 % 14.47 % 12.94 %
H1 2021 35.45 % 12.89 % 9.83 %
H2 2021 34.99 % 10.56 % 7.13 %
H1 2022 34.49 % 9.83 % 6.66 %
H2 2022 34.94 % 12.00 % 7.31 %
H1 2023 34.66 % 11.51 % 6.58 %
H2 2023 31.79 % 9.40 % 5.28 %
2023 31.79 % 9.40 % 5.28 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2014 - - - -
H2 2014 - - - -
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 3.00 - - 8.29
H2 2020 3.00 3.35 3.35 9.80
H1 2021 3.00 2.50 2.50 10.67
H2 2021 3.00 1.92 1.92 11.57
H1 2022 3.00 1.92 1.92 12.52
H2 2022 3.00 2.30 2.30 13.72
H1 2023 3.00 2.21 2.21 14.59
H2 2023 3.00 1.99 1.99 15.39

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 65.00 65.00 9.99
H2 2022 29.80 29.80 4.98
H1 2023 32.53 32.53 4.94
H2 2023 33.11 33.11 4.29

Business Segments (Million)

Compared With The
Period Heavy equipment spare parts Truck spare parts Turbocharger spare parts
Q2 2022 27.46 11.06 5.83
Q4 2022 36.68 6.07 7.17
Q2 2023 32.72 11.97 6.28
Q4 2023 42.55 12.84 6.99

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