Financial Results : SPIMACO’s profit grows to SAR 61.2M in 9M 2024; SAR 7.5M loss in Q3

SPIMACO’s profit grows to SAR 61.2M in 9M 2024; SAR 7.5M loss in Q3

11/11/2024 Argaam Exclusive

View other reports

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) reported a net profit rise to SAR 61.2 million (after minority interest) in the first nine months of 2024, compared to SAR 13.2 million in the prior-year period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 1,320.90 1,295.80 (1.9 %)
Gross Income 607.50 646.30 6.4 %
Operating Income 70.20 125.80 79.2 %
Net Income 13.20 61.20 363.6 %
Average Shares 120.00 120.00 -
EPS (Riyals) 0.11 0.51 363.6 %

The nine-month profit growth was triggered by a 2% year-on-year (YoY) decline in selling, general and administrative expenses (SG&A) to SAR 438 million on cost control and operating efficiency.

 

Other expenses fell by 93% YoY to SAR 3 million on a provision reversal. Finance costs (FCs) also declined 1% YoY to SAR 50.6 million in the nine-month period.

 

On the other hand, SPIMACO’s topline decreased 2% on an annual basis to SAR 1.29 billion on lower revenue from some affiliates and the suspension of some contracts.

 

Operating income jumped 79% YoY to SAR 125.8 million. Similarly, research and development costs (R&D) climbed 40% YoY to SAR 12.3 million.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 381.62 447.00 17.1 %
Gross Income 166.30 216.60 30.2 %
Operating Income (19.30) 32.20 266.8 %
Net Income (33.80) (7.53) 77.7 %
Average Shares 120.00 120.00 -
EPS (Riyals) (0.28) (0.06) 77.7 %

In the third quarter of 2024, the company cut net losses by 77.7% to SAR 7.5 million, from SAR 33.8 million in Q3 2023, thanks to a 17% YoY rise in revenue to SAR 447 million.

 

Gross profit jumped 30% YoY to SAR 216.6 million. The company recorded SAR 32.2 million operating income, against an operating loss of SAR 19.3 million in Q3 2023. FCs also declined by 3% YoY to SAR 23.4 million.

 

SPIMACO turned to losses from a net income of SAR 33.1 million in Q2 2024.

 

On the other hand, SG&A rose 11% YoY, with R&D costs jumping 73% annually. Zakat and tax charges also increased by 290% YoY to SAR 17 million.

 

SPIMACO turned to losses from a net income of SAR 33.1 million in Q2 2024. SG&A rose 34% quarter-on-quarter (QoQ). Operating income also declined to SAR 32.2 million from SAR 36 million in Q2 2024.

 

Total shareholders’ equity, after minority interest, saw a slight decline to SAR 1.472 billion as of Sept. 30, 2024, from SAR 1.475 billion a year earlier.

 

Accumulated losses came in at SAR 31 million by the end of the nine-month period, representing 2.6% of the company's capital.

 

Before minority interest, SPIMACO’s net income reached SAR 67.8 million, compared to SAR 17.9 million in 9M 2023.

 

Attached Document:

 

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Quarterly Actuals vs Estimates 10/11/2024


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.