Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) said its Dammam-based pharmaceutical plant has started trial operations for 3-6 months at a total estimated cost of SAR 212 million.
The plant has a production capacity of 250 million tablets and 60 million capsules per year, based on one work shift per day, the company said in a statement to the Saudi bourse (Tadawul).
The relevant financial impact will be determined later.
A total of 23 of SPIMACO’s pharmaceutical products have been registered at the Saudi Food and Drug Authority (SFDA).
Last July, the company’s board approved a recommendation from its subsidiary Dammam Pharma to double its capital to SAR 120 million, aimed at completing the Dammam-based pharmaceutical plant.
Dammam Pharma is 65 percent-owned by SPIMACO and 20 percent-owned by Arac Healthcare, SPIMACO’s wholly-owned marketing and distribution arm.