SPIMACO’s profit grows to SAR 61.2M in 9M 2024; SAR 7.5M loss in Q3

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) reported a net profit rise to SAR 61.2 million (after minority interest) in the first nine months of 2024, compared to SAR 13.2 million in the prior-year period.

The nine-month profit growth was triggered by a 2% year-on-year (YoY) decline in selling, general and administrative expenses (SG&A) to SAR 438 million on cost control and operating efficiency.

Other expenses fell by 93% YoY to SAR 3 million on a provision reversal. Finance costs (FCs) also declined 1% YoY to SAR 50.6 million in the nine-month period.

On the other hand, SPIMACO’s topline decreased 2% on an annual basis to SAR 1.29 billion on lower revenue from some affiliates and the suspension of some contracts.

Operating income jumped 79% YoY to SAR 125.8 million. Similarly, research and development costs (R&D) climbed 40% YoY to SAR 12.3 million.

In the third quarter of 2024, the company cut net losses by 77.7% to SAR 7.5 million, from SAR 33.8 million in Q3 2023, thanks to a 17% YoY rise in revenue to SAR 447 million.

Gross profit jumped 30% YoY to SAR 216.6 million. The company recorded SAR 32.2 million operating income, against an operating loss of SAR 19.3 million in Q3 2023. FCs also declined by 3% YoY to SAR 23.4 million.

SPIMACO turned to losses from a net income of SAR 33.1 million in Q2 2024.

On the other hand, SG&A rose 11% YoY, with R&D costs jumping 73% annually. Zakat and tax charges also increased by 290% YoY to SAR 17 million.

SPIMACO turned to losses from a net income of SAR 33.1 million in Q2 2024. SG&A rose 34% quarter-on-quarter (QoQ). Operating income also declined to SAR 32.2 million from SAR 36 million in Q2 2024.

Total shareholders’ equity, after minority interest, saw a slight decline to SAR 1.472 billion as of Sept. 30, 2024, from SAR 1.475 billion a year earlier.

Accumulated losses came in at SAR 31 million by the end of the nine-month period, representing 2.6% of the company's capital.

Before minority interest, SPIMACO’s net income reached SAR 67.8 million, compared to SAR 17.9 million in 9M 2023.

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