Financial Results : SPIMACO Q1 2024 profit falls 35% to SAR 35.6M

SPIMACO Q1 2024 profit falls 35% to SAR 35.6M

16/05/2024 Argaam Exclusive

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Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) reported a net profit fall of 35% to SAR 35.6 million (after minority interest) in Q1 2024, compared to SAR 54.8 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 531.77 475.40 (10.6 %)
Gross Income 257.32 252.22 (2.0 %)
Operating Income 83.37 76.61 (8.1 %)
Net Income 54.75 35.61 (35.0 %)
Average Shares 120.00 120.00 -
EPS (Riyals) 0.46 0.30 (35.0 %)

The profit drop came as the first-quarter revenue fell 10.6% (SAR 56.4 million) year-on-year (YoY) to SAR 475.4 million, on the back of weaker revenues from product sales, while those generated from services came in relatively stable.

 

Gross profit dropped by 2.0% (SAR 5.1 million) YoY to SAR 252.2 million in Q1 2024.

 

Selling, general and administrative expenses declined 8.7% YoY to SAR 147.6 million during the three-month period. Meanwhile, research and development expenses climbed 36.8% YoY to SAR 17.3 million on increased lab and employee expenses.

 

On a sequential basis, the company turned profitable from a loss of SAR 49.78 million in Q4 2023.

 

Shareholders’ equity, after minority interest, dropped to SAR 1.54 billion by March 31, 2024, from SAR 1.59 billion a year earlier.

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