Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) reported a net loss after Zakat and tax of SAR 481 million for the fiscal year 2019 compared to a net profit of SAR 51 million a year earlier.
The losses were attributed to a decline in the gross profit of some subsidiaries and increase in impairment losses on trade receivables, In addition, an associate widened impairment losses in the same period.
| Item | 2018 | 2019 | Change |
|---|---|---|---|
| Revenues | 1,503.32 | 1,486.85 | (1.1 %) |
| Gross Income | 608.52 | 497.64 | (18.2 %) |
| Operating Income | 21.00 | (80.10) | (481.5 %) |
| Net Income | 76.58 | (439.74) | (674.2 %) |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 0.64 | (3.66) | (674.2 %) |
In Q4 2019, the company net loss after Zakat and tax widened to SAR 312.6 million.
SPIMACO’s accumulated losses stood at SAR 278.46 million.
| Item | Q4 2018 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 600.79 | 344.32 | (42.7 %) |
| Gross Income | 127.79 | 79.28 | (38.0 %) |
| Operating Income | (48.39) | (78.77) | (62.8 %) |
| Net Income | 19.01 | (259.65) | (1466.1 %) |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 0.16 | (2.16) | (1466.1 %) |
| Item | Q3 2019 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 342.69 | 344.32 | 0.5 % |
| Gross Income | 170.82 | 79.28 | (53.6 %) |
| Operating Income | 46.71 | (78.77) | (268.6 %) |
| Net Income | 28.11 | (259.65) | (1023.6 %) |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 0.23 | (2.16) | (1023.6 %) |
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