SPIMACO turns to profit of SAR 70.8 mln in H1 2020

12/08/2020 Argaam Exclusive

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Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) reported a net profit of SAR 70.8 million for the first half of 2020 from a net loss of SAR 208.8 million in the same period last year.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	799.83	803.86	0.5 %
Gross Income	247.53	349.21	41.1 %
Operating Income	(48.05)	70.26	246.2 %
Net Income	(208.20)	70.58	133.9 %
Average Shares	120.00	120.00	-
EPS (Riyals)	(1.74)	0.59	133.9 %

The profit was attributed to the improvement in private sector’s sales despite the decline in exports in addition to lower cost of sales and operating expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	355.03	328.14	(7.6 %)
Gross Income	95.10	150.49	58.2 %
Operating Income	(65.02)	12.82	119.7 %
Net Income	(186.49)	24.98	113.4 %
Average Shares	120.00	120.00	-
EPS (Riyals)	(1.55)	0.21	113.4 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	475.72	328.14	(31.0 %)
Gross Income	198.73	150.49	(24.3 %)
Operating Income	57.44	12.82	(77.7 %)
Net Income	45.60	24.98	(45.2 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.38	0.21	(45.2 %)

On a quarterly basis, the company reported a net profit of SAR 25.20 million in Q2 2020 from a loss of SAR 187.09 million in the same period a year earlier on lower cost of sales and operating expenses despite decline in exports.

When compared to previous quarter, net profit fell 44.73% due to lower exports and the seasonality nature of private sector’s sales.

The company’s accumulated losses as of June 30, 2020 reached SAR 229.53 million, representing 19.13% of capital.

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