SPIMACO turns to net profit of SAR 130.2 mln in 9M 2020

09/11/2020 Argaam Exclusive

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Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) reported a net profit of SAR 130.2 million for the first nine months of 2020 against a net loss of SAR 195.8 million in the same period last year.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	1,142.52	1,176.77	3.0 %
Gross Income	418.35	544.93	30.3 %
Operating Income	(1.33)	140.31	10618.0 %
Net Income	(180.09)	137.99	176.6 %
Average Shares	120.00	120.00	-
EPS (Riyals)	(1.50)	1.15	176.6 %

The profit was attributed to a 4.2% year-on-year (YoY) rise in sales, as well as better exports and sales from the private sector.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	342.69	372.91	8.8 %
Gross Income	170.82	195.71	14.6 %
Operating Income	46.71	70.05	50.0 %
Net Income	28.11	67.41	139.8 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.23	0.56	139.8 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	328.14	372.91	13.6 %
Gross Income	150.49	195.71	30.1 %
Operating Income	12.82	70.05	446.5 %
Net Income	24.98	67.41	169.9 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.21	0.56	169.9 %

On a quarterly basis, the company reported a net profit of SAR 62.5 million in Q3 2020, an over twofold rise from SAR 25.5 million a year earlier, due to a 10.5% YoY rise in sales, as well as better exports and sales from the private sector. The company also saw higher gross profit on a decline in the cost of sales.

When compared to previous quarter, net profit more than doubled from SAR 25.9 million, thanks to better sales, mainly exports. SPIMACO resumed exports in June 2020 after a three-month suspension since March.

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