SPC Profits Decreased by 73.4% during H1 2024 to SAR 689 Thousand

The net profit of the Saudi Parts Center Company amounted to 689 thousand riyals during the first half of 2024, compared to 2.6 million riyals in the same half of the previous year, a decrease of 73.4%, following the announcement today of the estimated financial results for the period ending June 30, 2024 (6 months).

Total equity (after excluding non-controlling interests) amounted to 46.8 million riyals in the current period, compared to 43.7 million riyals in the same period of the previous year, an increase of 7%

Earnings per share in the current period reached 0.23 riyals, compared to 0.86 riyals in the same period of previous year.

According to the company’s statement, the reason for the net profit decrease by 1.9 million riyals is due to the decrease in the gross profit amount, in addition to the increase in operating expenses and other expenses resulting mainly from the increase in employee costs.