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.
| 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.
| 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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