SPIMACO turns to SAR 58.8 mln net loss in 9M 2022, Q3 at SAR 45.5 mln

06/11/2022 Argaam Exclusive

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Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) swung to a net loss after Zakat and tax of SAR 58.8 million in the first nine months of 2022, from a profit of 64.6 million in the same period last year.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	1,092.12	1,056.98	(3.2 %)
Gross Income	461.21	429.08	(7.0 %)
Operating Income	68.42	(37.10)	(154.2 %)
Net Income	64.61	(58.38)	(190.4 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.54	(0.49)	(190.4 %)

The company said sales revenue declined 3.22 YoY, along with the repricing of some products by the Saudi Food and Drug Authority (SFDA). In addition, lower sales of one of the licensor products negatively impacted revenues.

The earnings were also weighed down by decreases in gross profit by 6.97% YoY and operating profit by 150% YoY, as selling, marketing, general and administrative expenses went up.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	311.36	357.02	14.7 %
Gross Income	145.71	123.19	(15.5 %)
Operating Income	18.69	(39.65)	(312.1 %)
Net Income	7.40	(45.05)	(709.1 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.06	(0.38)	(709.1 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	310.62	357.02	14.9 %
Gross Income	120.18	123.19	2.5 %
Operating Income	(45.26)	(39.65)	12.4 %
Net Income	(46.65)	(45.05)	3.4 %
Average Shares	120.00	120.00	-
EPS (Riyals)	(0.39)	(0.38)	3.4 %

The company turned to a net loss of SAR 45.5 million in Q3 2022, from a profit of SAR 7.4 million in Q3 2021.

On a sequential basis, net profit rose 12.2% from SAR 51.77 million in Q2 2021.

Shareholders’ equity, after minority interest, dropped to SAR 1.744 billion as of Sept. 30, 2022, from SAR 1.863 billion a year earlier.

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