Saudi Parts Center posts 9% profit decline in H1 2023 to SAR 2.6 mln

Saudi Parts Center posts 9% profit decline in H1 2023 to SAR 2.6 mln

31/08/2023 Argaam Exclusive

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Saudi Parts Center Co. (SPC) reported a 9% fall in H1 2023 net profit to SAR 2.6 million from SAR 2.8 million in the year-earlier period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 44.35 50.96 14.9 %
Gross Income 15.38 17.41 13.2 %
Operating Income 3.43 3.81 11.1 %
Net Income 2.84 2.59 (8.7 %)
Average Shares 3.00 3.00 -
EPS (Riyals) 0.95 0.86 (8.7 %)

The profit decline was due to an increase in operating expenses and other expenses, mainly due to higher employee costs.



Current Half Annual Comparison (M)

Compared With The
Item H1 2022 H1 2023 Change‬
Revenues 44.35 50.96 14.9 %
Gross Income 15.38 17.41 13.2 %
Operating Income 3.43 3.81 11.1 %
Net Income 2.84 2.59 (8.7 %)
Average Shares 3.00 3.00 -
EPS (Riyals) 0.95 0.86 (8.7 %)

Shareholders’ equity, no minority interest, reached SAR 43.76 million as of June 30, 2023, up from SAR 37.55 million a year earlier.

 

Historical Data 

Period  

Revenue 

(SAR mln)  

Net Profit 

(SAR mln)   

EPS 

(SAR/Share)  

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

 

View More Financial Results

 


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 %


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

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 %


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

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

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


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
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Share Price

Saudi Parts Center Co.
68.00
4.00 6.25 %

Saudi Parts Center Co. (SPC)

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