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Saudi Parts Center net profit down 43% to SAR 5.7 mln in 2021
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 | 3.35 | 1.92 | (42.8 %) |
| EPS (Riyals) | 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 Quarter Comparison (M)
| Item | Q4 2020 | Q4 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 | 1.56 | 0.98 | (37.4 %) |
| EPS (Riyals) | 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. (SPC)
| Current | |
| Market Cap (M Riyal) | 150.00 |
| Enterprise Value (EV) (M) | 158.76 |
| Shares Outstanding ((M)) | 3.00 |
| Book Value (BV) ( Riyal) | 15.80 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | More than 100 |
| Price/book | 3.16 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2020 | - | - | - | - | - | - |
| Q2 2020 | 39.73 | - | 14.80 | - | 5.42 | - |
| Q3 2020 | - | - | - | - | - | - |
| Q4 2020 | 37.92 | - | 13.33 | - | 4.63 | - |
| 2020 | 77.65 | 10.3 % | 28.12 | 9.6 % | 10.05 | 120.4 % |
| Q1 2021 | - | - | - | - | - | - |
| Q2 2021 | 38.32 | (3.5 %) | 13.71 | (7.4 %) | 3.39 | (37.4 %) |
| Q3 2021 | - | - | - | - | - | - |
| Q4 2021 | 42.26 | 11.4 % | 14.49 | 8.7 % | 2.91 | (37.1 %) |
| 2021 | 80.58 | 3.8 % | 28.20 | 0.3 % | 6.30 | (37.3 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | Earnings Per Share before unusual items |
|---|---|---|---|---|---|---|
| Q1 2020 | - | - | - | - | - | - |
| Q2 2020 | 5.37 | - | 1.79 | - | 5.37 | 1.79 |
| Q3 2020 | - | - | - | - | - | - |
| Q4 2020 | 4.68 | - | 1.56 | - | 4.68 | 1.56 |
| 2020 | 10.05 | 135.1 % | 3.35 | - | 10.05 | 3.35 |
| Q1 2021 | - | - | - | - | - | - |
| Q2 2021 | 2.82 | (47.5 %) | 0.94 | - | 2.82 | 0.94 |
| Q3 2021 | - | - | - | - | - | - |
| Q4 2021 | 2.93 | (37.4 %) | 0.98 | - | 2.93 | 0.98 |
| 2021 | 5.75 | (42.8 %) | 1.92 | - | 5.75 | 1.92 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2021 | - | - | - |
| Q2 2021 | 35.45 % | 12.89 % | 9.83 % |
| Q3 2021 | - | - | - |
| Q4 2021 | 34.99 % | 10.56 % | 7.13 % |
| 2021 | 34.99 % | 10.56 % | 7.13 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2021 | - | - | - | - |
| Q2 2021 | 3.00 | 2.50 | 2.50 | 10.67 |
| Q3 2021 | - | - | - | - |
| Q4 2021 | 3.00 | 1.92 | 1.92 | 11.57 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2021 | - | - | - |
| Q2 2021 | - | - | - |
| Q3 2021 | - | - | - |
| Q4 2021 | - | - | - |
Business Segments (Million)
2021
| Period | Heavy equipment spare parts | Truck spare parts | Turbocharger spare parts |
|---|
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