SPIMACO says accumulated losses down to 19.13% of capital as of June 30

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) said that accumulated losses fell to SAR 229.53 million representing 19.13% of capital by the end of H1 2020, from 25.03% by the end of FY2019.

The accumulated losses were driven by booking provisions and impairment losses of goodwill and receivables in addition to previous years’ adjustments as a result of the corrective procedures taken by the company during FY2019.

The decrease in accumulated losses resulted from achieving a net profit after excluding minority rights for the six-month period ending on June 30, 2020, amounting to SAR 70.87 million, on improved sales and reduced production costs due to increased production efficiency, as well as improved operating profit as a result of reducing operating expenses.

Work is still underway to improve performance and raise operational efficiency to achieve more profits for the shareholders of the company.