Saudi Parts Center net profit down 43% to SAR 5.7 mln in 2021

30/03/2022 Argaam Exclusive

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Saudi Parts Center Co. (SPC) reported a net profit after Zakat and tax of SAR 5.7 million for 2021, down 43% from SAR 10.1 million a year earlier.



Financials (M)

Item 2020 2021 Change‬
Revenues 77.65 80.58 3.8 %
Gross Income 28.12 28.20 0.3 %
Operating Income 10.05 6.30 (37.3 %)
Net Income 10.05 5.75 (42.8 %)
Average Shares 3.00 3.00 -
Earnings Per Share before unusual items (Riyals) 3.35 1.92 (42.8 %)
EPS (Riyal) 3.35 1.92 (42.8 %)

The profit decline was driven by higher expenses in 2021 and inclusion of advance payments related to Iqama and work permits in 2021 expenses, which led to an increase in such expenses by SAR 879,000 compared to 2020. 

 

The company also cited an increase in the external auditor fees.



Current Half Annual Comparison (M)

Compared With The
Item H2 2020 H2 2021 Change‬
Revenues 37.92 42.26 11.4 %
Gross Income 13.33 14.49 8.7 %
Operating Income 4.63 2.91 (37.1 %)
Net Income 4.68 2.93 (37.4 %)
Average Shares 3.00 3.00 -
Earnings Per Share before unusual items (Riyal) 1.56 0.98 (37.4 %)
EPS (Riyal) 1.56 0.98 (37.4 %)

Shareholders’ equity, after minority interest, increased to SAR 34.708 million in 2021, from SAR 29.406 million a year earlier. 

 

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Share Price

Saudi Parts Center Co.
42.22
0.00 0.00 %

Saudi Parts Center Co. (SPC)

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Financial Ratios
Current
Market Cap (M Riyal) 126.66
Enterprise Value (EV) (M) 135.42
Shares Outstanding ((M)) 3.00
Book Value (BV) ( Riyal) 15.80
Par Value ( Riyal) 10.00
Recurring P/E More than 100
Price/book 2.67
EV/adj EBITDA -
EV/Revenues -
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