SPIMACO Q1 2024 profit falls 35% to SAR 35.6M

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) reported a net profit fall of 35% to SAR 35.6 million (after minority interest) in Q1 2024, compared to SAR 54.8 million in the prior-year period.

The profit drop came as the first-quarter revenue fell 10.6% (SAR 56.4 million) year-on-year (YoY) to SAR 475.4 million, on the back of weaker revenues from product sales, while those generated from services came in relatively stable.

Gross profit dropped by 2.0% (SAR 5.1 million) YoY to SAR 252.2 million in Q1 2024.

Selling, general and administrative expenses declined 8.7% YoY to SAR 147.6 million during the three-month period. Meanwhile, research and development expenses climbed 36.8% YoY to SAR 17.3 million on increased lab and employee expenses.

On a sequential basis, the company turned profitable from a loss of SAR 49.78 million in Q4 2023.

Shareholders’ equity, after minority interest, dropped to SAR 1.54 billion by March 31, 2024, from SAR 1.59 billion a year earlier.

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