SPIMACO net profit down 53% to SAR 64.6 mln in 9M 2021

04/11/2021 Argaam Exclusive

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Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) reported a net profit after Zakat and tax of SAR 64.6 million for the first nine months of 2021, a 53% decline from SAR 138 million in the same period last year.

The company attributed the decrease in net profit to lower sales due to the recall of two of the company's products from the local and export markets for conducting new bioequivalence studies.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	1,176.77	1,092.12	(7.2 %)
Gross Income	544.93	461.21	(15.4 %)
Operating Income	140.31	68.42	(51.2 %)
Net Income	137.99	64.61	(53.2 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	1.15	0.54	(53.2 %)

The company reported a net profit of SAR 7.40 million for Q3 2021, a plunge of 89% year-on-year (YoY).

On a sequential basis, net profit fell 76.2% from SAR 31.07 million on lower sales due to the seasonal effect in demand level.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	372.91	311.36	(16.5 %)
Gross Income	195.71	145.71	(25.5 %)
Operating Income	70.05	18.69	(73.3 %)
Net Income	67.41	7.40	(89.0 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.56	0.06	(89.0 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	325.96	311.36	(4.5 %)
Gross Income	173.50	145.71	(16.0 %)
Operating Income	29.91	18.69	(37.5 %)
Net Income	31.07	7.40	(76.2 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.26	0.06	(76.2 %)

Shareholders’ equity, after minority interest, dropped to SAR 1.863 billion as of Sept. 30, 2021, from SAR 1.911 billion a year earlier.

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