SPIMACO 2021 profit down 79% to SAR 26.4 mln; Q4 loss at SAR 38.2 mln

24/03/2022 Argaam Exclusive

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Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) reported an 79% slump in its 2021 net profit after Zakat and tax to SAR 26.4 million, from SAR 124.8 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	1,555.29	1,459.78	(6.1 %)
Gross Income	690.48	620.71	(10.1 %)
Operating Income	143.22	54.67	(61.8 %)
Net Income	124.79	26.45	(78.8 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	1.04	0.22	(78.8 %)

The company attributed the losses to a 6% drop year-on-year (YoY) in revenue, a 5% increase YoY in operating expenses and a decline of SAR 26.8 million in its profit share from associates.

In Q4 2021, SPIMACO deepened its net loss to SAR 38.2 million, from SAR 13.19 million in the year-earlier period.

In Q3 2021, the company posted a net profit of SAR 7.40 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	378.52	367.67	(2.9 %)
Gross Income	145.55	159.50	9.6 %
Operating Income	2.91	(13.76)	(572.9 %)
Net Income	(13.20)	(38.15)	(189.1 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	(0.11)	(0.32)	(189.1 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	311.36	367.67	18.1 %
Gross Income	145.71	159.50	9.5 %
Operating Income	18.69	(13.76)	(173.6 %)
Net Income	7.40	(38.15)	(615.8 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.06	(0.32)	(615.8 %)

Shareholders’ equity, after minority interest, fell to SAR 1.837 billion in 2021, from SAR 1.915 billion in 2020.

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