Financial Results : Saudi Parts Center 2024 profit sinks 85% to SAR 891,000; H2 at SAR 202,000

Saudi Parts Center 2024 profit sinks 85% to SAR 891,000; H2 at SAR 202,000

26/03/2025 Argaam Exclusive

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Saudi Parts Center Co. (SPC) reported a net profit of SAR 891,000 by the end of 2024, down 85% from SAR 6 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 113.34 111.31 (1.8 %)
Gross Income 36.04 33.97 (5.7 %)
Operating Income 8.50 2.83 (66.8 %)
Net Income 5.98 0.89 (85.1 %)
Average Shares 3.00 3.00 -
Earnings Per Share before unusual items (Riyals) 1.99 0.30 (85.1 %)
EPS (Riyal) 1.99 0.30 (85.1 %)

The annual profit decline was due to lower sales amid a 6% year-on-year (YoY) drop in spare parts sales in 2024.

 

Additionally, gross profit decreased by SAR 2.1 million YoY for the same year, while administrative and selling expenses increased by SAR 3.5 million on an annual basis.

 

This is besides the elevated rental costs of the company’s branches and the head office for 2024.

 

The H2 2024 earnings dropped by 94% to SAR 202,000, from SAR 3.39 million a year ago.

 

The six-month bottom line also shed 70.6% from SAR 689,000 in H1 2024.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 62.38 58.70 (5.9 %)
Gross Income 18.63 17.06 (8.4 %)
Operating Income 4.69 1.35 (71.3 %)
Net Income 3.39 0.20 (94.0 %)
Average Shares 3.00 3.00 -
Earnings Per Share before unusual items (Riyal) 1.13 0.07 (94.0 %)
EPS (Riyal) 1.13 0.07 (94.0 %)

Shareholders’ equity, no minority interest, reached SAR 47.39 million by the end of 2024, inching up from SAR 46.16 million a year earlier.

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