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.
| 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 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 330.64 | 475.40 | 43.8 % |
| Gross Income | 101.70 | 252.22 | 148.0 % |
| Operating Income | (80.29) | 76.61 | 195.4 % |
| Net Income | (49.78) | 35.61 | 171.5 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | (0.41) | 0.30 | 171.5 % |
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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