Saudi Parts Centre profits slightly increase to SR2.8 mln during H1, by 0.78%

The Saudi Parts Centre Company revealed that the net profit after zakat and tax during the first half rose to SR2.84 million, compared to SR2.81 million in the same period last year, at a rate of 0.78%.
This came after the announcement on Tuesday of the preliminary financial results for the period ending 30.06.2022 (six months).
The operational profit amounted to SR3.4 million in the first half, compared to SR3.3 million in the same period of the previous year, an increase of 1.06%.
The gross shareholders’ equity “without minority rights” amounted to SR37.5 million in the 6-month period, compared to SR34.7 million in the same period last year, a growth of 8.19%.
Profits per share in the current period reached SR0.95, compared to SR0.94 in the same period last year.
The increase (decrease) in net profit for current period compared to previous period is attributed to
1. Increase SR6 million in SPC revenues as the result of obtaining more available market opportunities in order to achieve company targets;
2. Increasing the gross profit by SR1.7 million as a result of an increase in the revenue; and
3. Increase operating expenses by SR1.7 million as a result of an increase in employees’ costs in addition to the costs of licenses related to the information technology and professional fees as a result of the company’s listing in the parallel market