Saudi Parts Center logs 20% growth in 2022 profit to SAR 6.9 mln
29/03/2023
Argaam Exclusive
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Saudi Parts Center Co. (SPC) reported a net profit of SAR 6.9 million for 2022, leaping 20% from SAR 5.8 million a year earlier.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 80.58 | 94.27 | 17.0 % |
| Gross Income | 28.20 | 32.93 | 16.8 % |
| Operating Income | 6.30 | 9.08 | 44.1 % |
| Net Income | 5.75 | 6.89 | 19.8 % |
| Average Shares | 3.00 | 3.00 | - |
| EPS (Riyals) | 1.92 | 2.30 | 19.8 % |
Revenue increased by 16.99% year-on-year (YoY) to SAR 94.3 million in 2022, as revenue from the truck spare parts segment soared by 100% YoY and revenue from the heavy equipment parts segment grew by 6% YoY. Further, revenue from the turbocharger division increased by 15% YoY.
However, administrative and selling expenses rose by SAR 2.6 million, mainly due to the higher number of employees.
Compared With The
Current Half Annual Comparison (M)
| Item | H2 2021 | H2 2022 | Change |
|---|---|---|---|
| Revenues | 42.26 | 49.92 | 18.1 % |
| Gross Income | 14.49 | 17.55 | 21.1 % |
| Operating Income | 2.91 | 5.65 | 94.1 % |
| Net Income | 2.93 | 4.05 | 38.2 % |
| Average Shares | 3.00 | 3.00 | - |
| EPS (Riyals) | 0.98 | 1.35 | 38.2 % |
Shareholders’ equity, no minority interest, increased to SAR 41.16 million at the end of 2022, from SAR 34.70 million a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 % |
| 2022 | 94.27 | 17.0 % | 32.93 | 16.8 % | 9.08 | 44.1 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2022 | 2.84 | 0.8 % | 0.95 | - | 2.84 | 0.95 |
| H2 2022 | 4.05 | 38.2 % | 1.35 | - | 4.05 | 1.35 |
| 2022 | 6.89 | 19.8 % | 2.30 | - | 6.89 | 2.30 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2022 | 34.49 % | 9.83 % | 6.66 % |
| H2 2022 | 34.94 % | 12.00 % | 7.31 % |
| 2022 | 34.94 % | 12.00 % | 7.31 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2022 | 3.00 | 1.92 | 1.92 | 12.52 |
| H2 2022 | 3.00 | 2.30 | 2.30 | 13.72 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2022 | 65.00 | 65.00 | 9.99 |
| H2 2022 | 29.80 | 29.80 | 4.98 |
Business Segments (Million)
Q4 2022
| 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 |
| 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 |
Share Price
Saudi Parts Center Co. (SPC)
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