Saudi Parts Center H1 2024 profit drops to SAR 689,000

Saudi Parts Center H1 2024 profit drops to SAR 689,000

22/08/2024 Argaam Exclusive

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Saudi Parts Center Co. (SPC) reported a net profit of SAR 689,000 in the first six months of 2024, down from SAR 2.6 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 50.96 52.61 3.2 %
Gross Income 17.41 16.91 (2.9 %)
Operating Income 3.81 1.48 (61.2 %)
Net Income 2.59 0.69 (73.4 %)
Average Shares 3.00 3.00 -
EPS (Riyals) 0.86 0.23 (73.4 %)

The profit decline was due to lower gross profit, as well as higher operating and other expenses resulting mainly from an increase in employee costs.

 

Meanwhile, sales increased by SAR 1.6 million compared to a year earlier as a result of a rise in the company’s customer base and their sales.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 50.96 52.61 3.2 %
Gross Income 17.41 16.91 (2.9 %)
Operating Income 3.81 1.48 (61.2 %)
Net Income 2.59 0.69 (73.4 %)
Average Shares 3.00 3.00 -
EPS (Riyals) 0.86 0.23 (73.4 %)

Shareholders’ equity, no minority interest, reached SAR 46.85 million as of June 30, 2024, up from SAR 43.76 million a year earlier.

 

Historical Data  

Period   

Revenue

(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

H1 2024

52.61

0.69

0.23

 

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
H1 2024 52.61 3.2 % 16.91 (2.9 %) 1.48 (61.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
H1 2024 0.69 (73.4 %) 0.23 - 0.69 0.23

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
H1 2024 30.90 % 7.48 % 3.54 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
H1 2024 3.00 1.36 1.36 15.62

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
H1 2024 40.48 40.48 3.52

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


Financial Ratios
Current
Market Cap (M Riyal) 192.00
Enterprise Value (EV) (M) 190.85
Shares Outstanding ((M)) 3.00
Book Value (BV) ( Riyal) 15.39
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 32.10
Price/book 4.16
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Share Price

Saudi Parts Center Co.
64.00
2.60 4.23 %

Saudi Parts Center Co. (SPC)

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