SPIMACO net profit slumps 19% to SAR 57.6 million for H1 2021

12/08/2021 Argaam Exclusive

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Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) reported net profit of SAR 57.6 million for H1 2021, a decline of 19%, from net profit of SAR 70.9 million in prior-year period, driven by lower sales, decreased gross profit in addition to a 25% drop in operating profit.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	803.86	780.76	(2.9 %)
Gross Income	349.21	315.50	(9.7 %)
Operating Income	70.26	49.73	(29.2 %)
Net Income	70.58	57.21	(18.9 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.59	0.48	(18.9 %)

The second-quarter net profit rose 25% YoY to SAR 31.5 million, backed by higher gross profit and lower cost of sales due to improved capacity utilization of the manufacturing facilities.

On a sequential basis, net profit increased by 19.3%.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	328.14	325.96	(0.7 %)
Gross Income	150.49	173.50	15.3 %
Operating Income	12.82	29.91	133.3 %
Net Income	24.98	31.07	24.4 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.21	0.26	24.4 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	454.81	325.96	(28.3 %)
Gross Income	142.00	173.50	22.2 %
Operating Income	19.82	29.91	50.9 %
Net Income	26.15	31.07	18.8 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.22	0.26	18.8 %

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