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.
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.
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 % |
Item | Q2 2024 | Q3 2024 | Change |
---|---|---|---|
Revenues | 373.38 | 447.00 | 19.7 % |
Gross Income | 177.40 | 216.60 | 22.1 % |
Operating Income | 35.90 | 32.20 | (10.3 %) |
Net Income | 33.11 | (7.53) | (122.7 %) |
Average Shares | 120.00 | 120.00 | - |
EPS (Riyals) | 0.28 | (0.06) | (122.7 %) |
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:
Company | Estimated | Actual | Change |
---|---|---|---|
CENOMI RETAIL | (94.00) | 17.71 | 118.8 % |
CENOMI CENTERS | 259.80 | 334.65 | 28.8 % |
DALLAH HEALTH | 125.18 | 126.15 | 0.8 % |
ALMAWARID | 25.80 | 17.10 | (33.7 %) |
MIS | 35.23 | 16.73 | (52.5 %) |
SPIMACO | 23.50 | (8.03) | (134.2 %) |
Company | Estimated | Actual | Change |
---|---|---|---|
CENOMI RETAIL | (94.00) | 17.71 | 118.8 % |
CENOMI CENTERS | 259.80 | 334.65 | 28.8 % |
DALLAH HEALTH | 125.18 | 126.15 | 0.8 % |
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