Financial Results : SPIMACO net profit surges 28% to SAR 33.3 mln in Q1 2022

SPIMACO net profit surges 28% to SAR 33.3 mln in Q1 2022

17/05/2022 Argaam Exclusive

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Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) reported a net profit of SAR 33.3 million in Q1 2022, an increase of 27.5% from SAR 26.15 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 454.81 389.33 (14.4 %)
Gross Income 142.00 185.71 30.8 %
Operating Income 19.82 47.81 141.2 %
Net Income 26.15 33.33 27.5 %
Average Shares 120.00 120.00 -
EPS (Riyals) 0.22 0.28 27.5 %

This was driven by a 45% and 30% year-on-year (YoY) rise in operating and gross profits, respectively. The company also cited the positive impact of the sales mix on the gross profit for the current quarter.

 

On a sequential basis, the company turned to a profit versus a net loss of SAR 38.15 million in Q4 2021.

 

Total shareholders’ equity, excluding minority interest, dropped 4.65% YoY to SAR 1.863 billion in Q1 2022.

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