Saudi Parts Center logs 13% fall in 2023 profit to SAR 6M
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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)
| 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 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 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 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)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | 32.53 | 32.53 | 4.94 |
| H2 2023 | 33.11 | 33.11 | 4.29 |
Business Segments (Million)
Q4 2023
| Period | Heavy equipment spare parts | Truck spare parts | Turbocharger spare parts |
|---|---|---|---|
| Q2 2023 | 32.72 | 11.97 | 6.28 |
| Q4 2023 | 42.55 | 12.84 | 6.99 |
| 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 |
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