SPIMACO set to launch revamped 5-year plan

Logo of Saudi Pharmaceutical Industries and Medical Appliances Corp.(SPIMACO)

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) announced the completion of an internal review and the launch of a revamped five-year strategy, according to a statement to Tadawul.

The comprehensive strategy will focus on restructuring the company’s business portfolio in line with its plans, while leveraging the long-term market opportunities, and recording a sustainable long-term value for shareholders and other beneficiaries.

The company indicated that initial steps were taken to get itself on track for business growth; including increased monitoring of value chain, upgraded research and development division, streamlined operations, and the rollout of the “synergy program”, which featured the launch of a new organizational structure and the review of incentive schemes.

These initiatives are deemed necessary to start the restructuring process, which may require additional investments that may impact profitability for 2022.

The details of the new revamped strategy will be communicated to the market during a Capital Markets Day to be held on Feb. 7, 2023, the statement added.