SPIMACO net earnings at SAR 154.7M in 9M 2025, SAR 43.6M in Q3

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) generated SAR 154.7 million in net earnings (before minority interest) for 9M 2025, up from SAR 48.3 million in the prior-year period.

The positive performance came thanks to higher revenues for the first nine months of this year, supported by a 54% year-on-year (YoY) rise of SAR 95.1 million in government sales. This is in addition to a 515% (SAR 40.9 million) surge in contract manufacturing sales for the same period.

The company also benefited from an 11.1% (SAR 49.4 million) decrease in general, administrative, and selling expenses. This followed a drive towards cost optimization, as well as a 63% YoY decline of SAR 25.4 million in impairment provisions for receivables, reflecting improved collections.

Other income, moreover, skyrocketed by 1,219% to SAR 42.1 million in 9M 2025, primarily due to gains from the sale of fixed assets.

In Q3 2025, SPIMACO turned to a net profit of SAR 43.6 million, versus a net loss of SAR 9.3 million in Q3 2024.

The turnaround was driven by lower general and administrative expenses, alongside a 71.4% drop in expected credit loss provisions and a 145% increase in other income on gains from asset disposals.

These factors offset lower revenues for Q3 2025, which fell 7.2% YoY to SAR 415.3 million, mainly due to an 18% (SAR 55 million) decline in private sector sales and a 36% (SAR 21.6 million) drop in international sales.

On a quarterly basis, net profit climbed by 21.1% from SAR 36 million in Q2 2025.

Total shareholders’ equity, after minority interest, increased to SAR 1.54 billion as of Sept. 30, 2025, from SAR 1.40 billion a year earlier.

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