SPIMACO H1 2024 profit rises 16% to SAR 68.7M; Q2 at SAR 33.1M

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) reported a net profit rise of 21% to SAR 68.7 million (before minority interest) in H1 2024, compared to SAR 59.1 million in the prior-year period.

The profit rise in H1 2024 was driven by a 9.11% decline in selling, general & administrative expenses to SAR 271.9 million, from SAR 299.2 million in the prior-year period. This is besides the uptick in the first-half operating profit to SAR 93.6 million, from SAR 89.5 million in H1 2023.

This came despite the rise in net financing costs to SAR 27.2 million in H1 2024, from SAR 27.1 million in H1 2023, alongside the 9.7% year-on-year (YoY) revenue slump to SAR 848.8 million during the current period.

In Q2 2024, SPIMACO’s net earnings more than doubled to SAR 34 million, from SAR 15.35 million in the second quarter of 2023. This came amid the 17.7% hike in operating profit against the year-ago period.

On a quarterly basis, the bottom line fell by 7% from SAR 35.61 million in Q1 2024 as revenues shed 21.5% quarter-on-quarter (QoQ), with the gross and operating profit also down sequentially by SAR 74.8 million and SAR 21.7 million, respectively.

This came although net financing costs and selling, general & administrative expenses slipped 38.2% and 15.8% QoQ, respectively, with the research & development expenses also down 23.4% QoQ in Q2 2024.

Shareholders’ equity, excluding minority interest, dropped to SAR 1.48 billion as of June 30, 2024, from SAR 1.53 billion a year earlier.

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