SPIMACO posts SAR 208 mln loss in H1 2019

19/08/2019 Argaam Exclusive

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Saudi Pharmaceutical Industries and Medical Appliances Corp (SPIMACO)

Saudi Pharmaceutical Industries and Medical Appliances Corp. ( SPIMACO ) reported a net loss after zakat and tax of SAR 207.79 million for the first half of 2019, as compared to a net profit of SAR 53.18 million a year earlier.

 

The loss was driven by a decrease in gross profit ue to the difference in the mix of products sold as well as decline in product prices.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 677.58 799.83 18.0 %
Gross Income 342.84 247.53 (27.8 %)
Operating Income 65.80 (48.05) (173.0 %)
Net Income 69.69 (208.20) (398.8 %)
Average Shares 120.00 120.00 -
EPS (Riyals) 0.58 (1.74) (398.8 %)

In Q2 2019, the company posted a net loss after zakat and tax of SAR 188.54 million versus a net profit of SAR 12.26 million due to an adjustment of the provision for sales recovery according to requirements of IFRS.

 

On a sequential basis, Q2 net loss widened from the previous quarter’s loss of SAR 13.15 million on lower product prices.



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 295.62 355.03 20.1 %
Gross Income 155.28 95.10 (38.8 %)
Operating Income 10.00 (65.02) (750.4 %)
Net Income 22.67 (186.49) (922.8 %)
Average Shares 120.00 120.00 -
EPS (Riyals) 0.19 (1.55) (922.8 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2010 274.33 6.4 % 118.90 9.5 % 45.32 6.2 % 0.38
Q2 2010 252.34 10.2 % 100.50 23.3 % 43.09 14.0 % 0.36
Q3 2010 191.40 11.8 % 85.88 18.5 % 18.07 14.1 % 0.15
Q4 2010 319.57 9.2 % 181.12 15.4 % 70.04 19.8 % 0.58
Q1 2011 252.08 (8.1 %) 123.51 3.9 % 45.71 0.9 % 0.38
Q2 2011 292.08 15.7 % 123.61 23.0 % 60.75 41.0 % 0.51
Q3 2011 209.24 9.3 % 106.76 24.3 % 29.75 64.6 % 0.25
Q4 2011 375.82 17.6 % 206.69 14.1 % 74.06 5.7 % 0.62
Q1 2012 303.14 20.3 % 153.21 24.0 % 56.45 23.5 % 0.47
Q2 2012 286.64 (1.9 %) 140.91 14.0 % 90.14 48.4 % 0.75
Q3 2012 227.40 8.7 % 113.28 6.1 % 32.33 8.7 % 0.27
Q4 2012 365.97 (2.6 %) 211.16 2.2 % 53.73 (27.5 %) 0.45
Q1 2013 361.37 19.2 % 184.62 20.5 % 63.15 11.9 % 0.53
Q2 2013 344.22 20.1 % 179.12 27.1 % 113.71 26.1 % 0.95
Q3 2013 222.91 (2.0 %) 118.64 4.7 % 34.19 5.8 % 0.28
Q4 2013 382.01 4.4 % 226.14 7.1 % 57.01 6.1 % 0.48
Q1 2014 405.21 12.1 % 206.72 12.0 % 91.17 44.4 % 0.76
Q2 2014 371.14 7.8 % 193.14 7.8 % 97.72 (14.1 %) 0.81
Q3 2014 266.02 19.3 % 134.45 13.3 % 36.69 7.3 % 0.31
Q4 2014 431.06 12.8 % 261.80 15.8 % 91.29 60.1 % 0.76
Q1 2015 432.20 6.7 % 225.86 9.3 % 99.39 9.0 % 0.83
Q2 2015 435.80 17.4 % 210.95 9.2 % 237.63 143.2 % 1.98
Q3 2015 308.27 15.9 % 131.32 (2.3 %) 29.16 (20.5 %) 0.24
Q4 2015 520.38 20.7 % 266.38 1.7 % (9.12) (110.0 %) (0.08)
Q1 2016 322.20 (25.4 %) 194.26 (14.0 %) 88.91 (10.5 %) 0.74
Q2 2016 339.54 (22.1 %) 183.58 (13.0 %) 39.61 (83.3 %) 0.33
Q3 2016 257.21 (16.6 %) 140.54 7.0 % 4.76 (83.7 %) 0.04
Q4 2016 339.59 (34.7 %) 194.16 (27.1 %) 143.48 1673.8 % 1.20
Q1 2017 393.10 22.0 % 212.58 9.4 % 101.22 13.8 % 0.84
Q2 2017 304.63 (10.3 %) 156.13 (15.0 %) 46.56 17.5 % 0.39
Q3 2017 277.62 7.9 % 128.68 (8.4 %) (17.03) (457.9 %) (0.14)
Q4 2017 410.69 20.9 % 207.07 6.7 % 66.61 (53.6 %) 0.56
Q1 2018 390.79 (0.6 %) 197.32 (7.2 %) 55.23 (45.4 %) 0.46
Q2 2018 295.62 (3.0 %) 155.28 (0.5 %) 22.67 (51.3 %) 0.19
Q3 2018 224.95 (19.0 %) 137.89 7.2 % (12.12) 28.8 % (0.10)
Q4 2018 600.79 46.3 % 127.79 (38.3 %) 19.01 (71.5 %) 0.16
Q1 2019 444.80 13.8 % 152.43 (22.7 %) (21.71) (139.3 %) (0.18)
Q2 2019 355.03 20.1 % 95.10 (38.8 %) (186.49) (922.8 %) (1.55)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 44.45 % 18.88 % 16.94 %
Q2 2010 45.32 % 18.93 % 17.07 %
Q3 2010 45.73 % 18.73 % 16.95 %
Q4 2010 46.88 % 18.85 % 17.32 %
Q1 2011 48.36 % 18.99 % 17.42 %
Q2 2011 48.73 % 19.12 % 18.44 %
Q3 2011 49.86 % 19.99 % 19.22 %
Q4 2011 49.64 % 19.57 % 18.62 %
Q1 2012 50.01 % 19.86 % 18.73 %
Q2 2012 51.72 % 20.36 % 21.31 %
Q3 2012 51.47 % 20.54 % 21.21 %
Q4 2012 52.28 % 19.56 % 19.66 %
Q1 2013 52.36 % 19.26 % 19.28 %
Q2 2013 52.98 % 18.87 % 20.24 %
Q3 2013 53.58 % 18.66 % 20.45 %
Q4 2013 54.06 % 18.26 % 20.45 %
Q1 2014 53.95 % 17.92 % 21.86 %
Q2 2014 53.91 % 17.74 % 20.28 %
Q3 2014 53.39 % 16.79 % 19.84 %
Q4 2014 54.03 % 18.15 % 21.50 %
Q1 2015 54.34 % 18.90 % 21.67 %
Q2 2015 53.23 % 18.31 % 20.04 %
Q3 2015 51.63 % 17.40 % 19.05 %
Q4 2015 49.19 % 17.17 % 19.11 %
Q1 2016 50.60 % 15.90 % 18.80 %
Q2 2016 52.04 % 15.52 % 16.88 %
Q3 2016 54.52 % 15.09 % 15.79 %
Q4 2016 56.62 % 10.25 % 5.68 %
Q1 2017 54.97 % 9.67 % 3.99 %
Q2 2017 54.34 % 11.85 % 4.64 %
Q3 2017 52.59 % 11.94 % 2.91 %
Q4 2017 50.83 % 14.96 % 9.94 %
Q1 2018 49.81 % 16.45 % 9.97 %
Q2 2018 50.07 % 14.49 % 8.30 %
Q3 2018 52.76 % 15.07 % 9.00 %
Q4 2018 40.89 % 5.68 % 5.61 %
Q1 2019 36.61 % 2.64 % 0.50 %
Q2 2019 31.57 % (2.89 %) (5.68 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 120.00 1.31 1.36 22.04
Q2 2010 120.00 1.36 1.41 19.98
Q3 2010 120.00 1.37 1.43 21.69
Q4 2010 120.00 1.47 1.50 24.48
Q1 2011 120.00 1.47 1.47 25.41
Q2 2011 120.00 1.62 1.62 27.29
Q3 2011 120.00 1.72 1.72 25.92
Q4 2011 120.00 1.75 1.75 26.50
Q1 2012 120.00 1.84 1.84 30.26
Q2 2012 120.00 2.09 2.09 25.75
Q3 2012 120.00 2.11 2.11 26.24
Q4 2012 120.00 1.94 1.94 25.28
Q1 2013 120.00 1.99 1.99 27.18
Q2 2013 120.00 2.19 2.19 26.14
Q3 2013 120.00 2.21 2.21 27.35
Q4 2013 120.00 2.23 2.23 32.18
Q1 2014 120.00 2.47 2.47 32.96
Q2 2014 120.00 2.33 2.33 33.21
Q3 2014 120.00 2.35 2.35 35.74
Q4 2014 120.00 2.64 2.64 28.75
Q1 2015 120.00 2.71 2.71 27.84
Q2 2015 120.00 3.87 2.61 28.72
Q3 2015 120.00 3.81 2.55 24.87
Q4 2015 120.00 2.98 2.70 22.17
Q1 2016 120.00 2.89 2.49 20.84
Q2 2016 120.00 1.24 2.10 20.49
Q3 2016 120.00 1.03 1.89 20.40
Q4 2016 120.00 2.31 0.60 22.59
Q1 2017 120.00 2.41 0.44 23.27
Q2 2017 120.00 2.47 0.50 21.52
Q3 2017 120.00 2.29 0.32 22.01
Q4 2017 120.00 1.64 1.15 22.78
Q1 2018 120.00 1.26 1.15 25.04
Q2 2018 120.00 1.06 0.95 25.74
Q3 2018 120.00 1.10 0.99 24.32
Q4 2018 120.00 0.71 0.71 21.17
Q1 2019 120.00 0.07 0.07 22.80
Q2 2019 120.00 (1.68) (0.77) 19.63

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 16.69 16.04 0.99
Q2 2010 14.70 14.15 1.00
Q3 2010 14.64 14.10 0.93
Q4 2010 15.82 15.53 0.95
Q1 2011 17.65 17.65 1.02
Q2 2011 15.68 15.68 0.93
Q3 2011 14.41 14.41 0.96
Q4 2011 15.03 15.03 0.99
Q1 2012 17.92 17.92 1.09
Q2 2012 12.56 12.56 1.02
Q3 2012 13.70 13.70 1.10
Q4 2012 14.74 14.74 1.13
Q1 2013 13.60 13.60 1.00
Q2 2013 15.51 15.51 1.30
Q3 2013 15.70 15.70 1.27
Q4 2013 19.02 19.02 1.32
Q1 2014 19.07 19.07 1.43
Q2 2014 19.29 19.29 1.36
Q3 2014 21.41 21.41 1.41
Q4 2014 12.89 12.89 1.18
Q1 2015 14.78 14.78 1.44
Q2 2015 11.59 17.18 1.56
Q3 2015 9.46 14.14 1.45
Q4 2015 11.16 12.29 1.50
Q1 2016 11.15 12.96 1.55
Q2 2016 29.96 17.69 1.81
Q3 2016 30.18 16.49 1.53
Q4 2016 17.72 68.63 1.81
Q1 2017 15.03 81.82 1.56
Q2 2017 14.32 70.59 1.64
Q3 2017 14.43 More than 100 1.50
Q4 2017 18.25 26.14 1.32
Q1 2018 24.34 26.70 1.23
Q2 2018 30.03 33.56 1.24
Q3 2018 28.37 31.57 1.29
Q4 2018 41.61 41.61 1.39
Q1 2019 More than 100 More than 100 1.21
Q2 2019 NEG NEG 1.35

Business Segments (Million)

Compared With The
Period Pharmaceutical Manufacturing healthy services and other Trading & Distribution Services Contract manufacturing arrangements Medical & Pharmaceutical production segment Investment activity Eliminations
Q1 2010 - - - - 274.33 - -
Q2 2010 - - - - 252.34 - -
Q3 2010 - - - - 191.41 - -
Q4 2010 - - - - 319.57 - -
Q1 2011 - - - - 252.08 - -
Q2 2011 - - - - 292.08 - -
Q3 2011 - - - - 209.24 - -
Q4 2011 - - - - 375.82 - -
Q1 2012 - - - - 303.14 - -
Q2 2012 - - - - 286.65 - -
Q3 2012 - - - - 227.40 - -
Q4 2012 - - - - 365.97 - -
Q1 2013 - - - - 361.37 - -
Q2 2013 - - - - 344.22 - -
Q3 2013 - - - - 222.91 - -
Q4 2013 - - - - 382.01 - -
Q1 2014 - - - - 405.21 - -
Q2 2014 - - - - 374.14 - -
Q3 2014 - - - - 266.02 - -
Q4 2014 - - - - 427.82 - -
Q1 2015 - - - - 432.29 14.84 -
Q2 2015 - - - - 436.99 195.93 -
Q3 2015 - - - - 308.38 9.55 -
Q4 2015 - - - - 529.24 - -
Q1 2016 - - - - 513.97 25.27 -
Q2 2016 - - - - 494.92 9.41 -
Q3 2016 - - - - 100.39 6.23 -
Q4 2016 - - - - 401.35 247.84 -
Q1 2017 - - - - 446.00 50.90 (51.45)
Q2 2017 - - - - 350.01 1.39 (43.30)
Q3 2017 - - - - 317.29 4.01 (36.78)
Q4 2017 - - - - 486.15 - (54.74)
Q1 2018 - - - - 450.19 7.00 (57.49)
Q3 2018 172.41 34.26 1.75 16.54 - - -
Q1 2019 419.76 22.19 2.03 0.82 - - -
Q2 2019 334.00 19.00 0.91 1.12 - - -

Current
Market Cap (M Riyal) 3,528.00
Enterprise Value (EV) (M) 4,609.48
Shares Outstanding ((M)) 120.00
EPS ( Riyal) (TTM) (0.27)
Book Value (BV) ( Riyal) 12.89
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.28
Return on Average Assets (%) (TTM) (0.76 )
Return on Average Equity (%) (TTM) (2.09 )

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