SPIMACO’s Q1 profit falls 44% on higher zakat expenses

03/05/2018 Argaam Exclusive

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Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) posted a net profit of SAR 55.84 million for the first quarter of 2018, a 44.13 percent year-on-year (YoY) drop on incurring zakat expenses at SAR 16 million, despite lower operating costs.

The company had also recorded one-off gains of SAR 46 million from selling securities investments in Q1 2017.

Compared to the previous quarter, Q1 net profit tumbled 20.64 percent, due to lower revenue and higher cost of finance.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2017	Q1 2018	Change‬
Revenues	393.10	390.79	(0.6 %)
Gross Income	212.58	197.32	(7.2 %)
Operating Income	50.03	67.66	35.2 %
Net Income	101.22	55.23	(45.4 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.84	0.46	(45.4 %)

Item	Q4 2017	Q1 2018	Change‬
Revenues	410.69	390.79	(4.8 %)
Gross Income	207.07	197.32	(4.7 %)
Operating Income	58.60	67.66	15.5 %
Net Income	66.61	55.23	(17.1 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.56	0.46	(17.1 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2009	257.88	16.9 %	108.57	9.0 %	42.69	4.3 %	0.42
Q2 2009	229.00	8.2 %	81.53	9.0 %	37.81	10.4 %	0.37
Q3 2009	171.15	17.7 %	72.49	(2.5 %)	15.84	1.4 %	0.16
Q4 2009	292.71	(0.5 %)	157.00	37.4 %	58.48	56.0 %	0.58
2009	950.74	9.0 %	419.59	15.6 %	154.81	20.7 %	1.53
Q1 2010	274.33	6.4 %	118.90	9.5 %	45.32	6.2 %	0.38
Q2 2010	252.34	10.2 %	100.50	23.3 %	43.09	14.0 %	0.36
Q3 2010	191.40	11.8 %	85.88	18.5 %	18.07	14.1 %	0.15
Q4 2010	319.57	9.2 %	181.12	15.4 %	70.04	19.8 %	0.58
2010	1,037.64	9.1 %	486.40	15.9 %	176.52	14.0 %	1.47
Q1 2011	252.08	(8.1 %)	123.51	3.9 %	45.71	0.9 %	0.38
Q2 2011	292.08	15.7 %	123.61	23.0 %	60.75	41.0 %	0.51
Q3 2011	209.24	9.3 %	106.76	24.3 %	29.75	64.6 %	0.25
Q4 2011	375.82	17.6 %	206.69	14.1 %	74.06	5.7 %	0.62
2011	1,129.22	8.8 %	560.57	15.2 %	211.44	19.8 %	1.76
Q1 2012	303.14	20.3 %	153.21	24.0 %	56.45	23.5 %	0.47
Q2 2012	286.64	(1.9 %)	140.91	14.0 %	90.14	48.4 %	0.75
Q3 2012	227.40	8.7 %	113.28	6.1 %	32.33	8.7 %	0.27
Q4 2012	365.97	(2.6 %)	211.16	2.2 %	53.73	(27.5 %)	0.45
2012	1,183.15	4.8 %	618.56	10.3 %	232.65	10.0 %	1.94
Q1 2013	361.37	19.2 %	184.62	20.5 %	63.15	11.9 %	0.53
Q2 2013	344.22	20.1 %	179.12	27.1 %	113.71	26.1 %	0.95
Q3 2013	222.91	(2.0 %)	118.64	4.7 %	34.19	5.8 %	0.28
Q4 2013	382.01	4.4 %	226.14	7.1 %	57.01	6.1 %	0.48
2013	1,310.50	10.8 %	708.52	14.5 %	266.82	14.7 %	2.22
Q1 2014	405.21	12.1 %	206.72	12.0 %	91.17	44.4 %	0.76
Q2 2014	371.14	7.8 %	193.14	7.8 %	97.72	(14.1 %)	0.81
Q3 2014	266.02	19.3 %	134.45	13.3 %	36.69	7.3 %	0.31
Q4 2014	431.06	12.8 %	261.80	15.8 %	91.29	60.1 %	0.76
2014	1,470.19	12.2 %	794.54	12.1 %	316.85	18.8 %	2.64
Q1 2015	432.20	6.7 %	225.86	9.3 %	99.39	9.0 %	0.83
Q2 2015	435.80	17.4 %	210.95	9.2 %	237.63	143.2 %	1.98
Q3 2015	308.27	15.9 %	131.32	(2.3 %)	29.16	(20.5 %)	0.24
Q4 2015	520.38	20.7 %	266.38	1.7 %	(9.12)	(110.0 %)	(0.08)
2015	1,705.05	16.0 %	848.60	6.8 %	357.05	12.7 %	2.98
Q1 2016	322.20	(25.4 %)	194.26	(14.0 %)	88.91	(10.5 %)	0.74
Q2 2016	339.54	(22.1 %)	183.58	(13.0 %)	39.61	(83.3 %)	0.33
Q3 2016	257.21	(16.6 %)	140.54	7.0 %	4.76	(83.7 %)	0.04
Q4 2016	339.59	(34.7 %)	194.16	(27.1 %)	143.48	1673.8 %	1.20
2016	1,258.55	(26.2 %)	712.54	(16.0 %)	276.76	(22.5 %)	2.31
Q1 2017	393.10	22.0 %	212.58	9.4 %	101.22	13.8 %	0.84
Q2 2017	304.63	(10.3 %)	156.13	(15.0 %)	46.56	17.5 %	0.39
Q3 2017	277.62	7.9 %	128.68	(8.4 %)	(17.03)	(457.9 %)	(0.14)
Q4 2017	410.69	20.9 %	207.07	6.7 %	66.61	(53.6 %)	0.56
2017	1,386.04	10.1 %	704.46	(1.1 %)	197.37	(28.7 %)	1.64
Q1 2018	390.79	(0.6 %)	197.32	(7.2 %)	55.23	(45.4 %)	0.46

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	871.94	9.3 %	362.97	11.1 %	128.27	5.2 %	1.26
2009	950.74	9.0 %	419.59	15.6 %	154.81	20.7 %	1.53
2010	1,037.64	9.1 %	486.40	15.9 %	176.52	14.0 %	1.47
2011	1,129.22	8.8 %	560.57	15.2 %	211.44	19.8 %	1.76
2012	1,183.15	4.8 %	618.56	10.3 %	232.65	10.0 %	1.94
2013	1,310.50	10.8 %	708.52	14.5 %	266.82	14.7 %	2.22
2014	1,470.19	12.2 %	794.54	12.1 %	316.85	18.8 %	2.64
2015	1,705.05	16.0 %	848.60	6.8 %	357.05	12.7 %	2.98
2016	1,258.55	(26.2 %)	712.54	(16.0 %)	276.76	(22.5 %)	2.31
2017	1,386.04	10.1 %	704.46	(1.1 %)	197.37	(28.7 %)	1.64

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	40.91 %	16.13 %	14.83 %
Q2 2009	40.87 %	16.44 %	14.89 %
Q3 2009	39.57 %	15.73 %	14.07 %
Q4 2009	44.13 %	18.49 %	16.63 %
2009	44.13 %	18.49 %	16.63 %
Q1 2010	44.45 %	18.88 %	16.94 %
Q2 2010	45.32 %	18.93 %	17.07 %
Q3 2010	45.73 %	18.73 %	16.95 %
Q4 2010	46.88 %	18.85 %	17.32 %
2010	46.88 %	18.85 %	17.32 %
Q1 2011	48.36 %	18.99 %	17.42 %
Q2 2011	48.73 %	19.12 %	18.44 %
Q3 2011	49.86 %	19.99 %	19.22 %
Q4 2011	49.64 %	19.57 %	18.62 %
2011	49.64 %	19.65 %	18.72 %
Q1 2012	50.01 %	19.86 %	18.73 %
Q2 2012	51.72 %	20.36 %	21.31 %
Q3 2012	51.47 %	20.54 %	21.21 %
Q4 2012	52.28 %	19.56 %	19.66 %
2012	52.28 %	19.56 %	19.66 %
Q1 2013	52.36 %	19.26 %	19.28 %
Q2 2013	52.98 %	18.87 %	20.24 %
Q3 2013	53.58 %	18.66 %	20.45 %
Q4 2013	54.06 %	18.26 %	20.45 %
2013	54.06 %	18.16 %	20.36 %
Q1 2014	53.95 %	17.92 %	21.86 %
Q2 2014	53.91 %	17.74 %	20.28 %
Q3 2014	53.39 %	16.79 %	19.84 %
Q4 2014	54.03 %	18.15 %	21.50 %
2014	54.04 %	18.15 %	21.55 %
Q1 2015	54.34 %	18.90 %	21.67 %
Q2 2015	53.23 %	18.31 %	20.04 %
Q3 2015	51.63 %	17.40 %	19.05 %
Q4 2015	49.19 %	17.17 %	19.11 %
2015	49.77 %	16.85 %	19.02 %
Q1 2016	50.60 %	15.90 %	18.80 %
Q2 2016	52.04 %	15.52 %	16.88 %
Q3 2016	54.52 %	15.09 %	15.79 %
Q4 2016	56.62 %	10.25 %	5.68 %
2016	56.62 %	10.25 %	5.68 %
Q1 2017	54.97 %	9.67 %	3.99 %
Q2 2017	54.34 %	11.85 %	4.64 %
Q3 2017	52.59 %	11.94 %	2.91 %
Q4 2017	50.83 %	14.96 %	9.94 %
2017	50.83 %	14.96 %	9.94 %
Q1 2018	49.81 %	16.45 %	9.97 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	41.63 %	16.30 %	15.16 %
2009	44.13 %	18.49 %	16.63 %
2010	46.88 %	18.85 %	17.32 %
2011	49.64 %	19.65 %	18.72 %
2012	52.28 %	19.56 %	19.66 %
2013	54.06 %	18.16 %	20.36 %
2014	54.04 %	18.15 %	21.55 %
2015	49.77 %	16.85 %	19.02 %
2016	56.62 %	10.25 %	5.68 %
2017	50.83 %	14.96 %	9.94 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	42.10 %	20.70 %	16.62 %
Q2 2009	35.60 %	10.54 %	16.51 %
Q3 2009	42.35 %	15.37 %	9.25 %
Q4 2009	53.64 %	24.60 %	21.04 %
Q1 2010	43.34 %	21.92 %	17.70 %
Q2 2010	39.83 %	11.52 %	17.08 %
Q3 2010	44.87 %	14.68 %	9.44 %
Q4 2010	56.68 %	24.50 %	21.92 %
Q1 2011	49.00 %	22.74 %	18.13 %
Q2 2011	42.32 %	13.00 %	20.80 %
Q3 2011	51.02 %	19.57 %	14.22 %
Q4 2011	55.00 %	22.56 %	19.71 %
Q1 2012	50.54 %	23.32 %	18.62 %
Q2 2012	49.16 %	14.95 %	31.45 %
Q3 2012	49.82 %	20.53 %	14.22 %
Q4 2012	57.70 %	19.47 %	14.68 %
Q1 2013	51.09 %	21.68 %	17.48 %
Q2 2013	52.04 %	14.20 %	33.03 %
Q3 2013	53.22 %	19.34 %	15.34 %
Q4 2013	59.20 %	18.05 %	14.92 %
Q1 2014	51.02 %	20.19 %	22.50 %
Q2 2014	52.04 %	13.80 %	26.33 %
Q3 2014	50.54 %	13.97 %	13.79 %
Q4 2014	60.73 %	22.54 %	21.18 %
Q1 2015	52.26 %	22.70 %	23.00 %
Q2 2015	48.40 %	12.42 %	19.81 %
Q3 2015	42.60 %	9.85 %	9.46 %
Q4 2015	51.19 %	20.88 %	21.02 %
Q1 2016	60.29 %	18.36 %	22.80 %
Q2 2016	54.07 %	9.77 %	11.67 %
Q3 2016	54.64 %	6.30 %	1.85 %
Q4 2016	57.18 %	6.04 %	(13.65 %)
Q1 2017	54.08 %	14.94 %	14.01 %
Q2 2017	51.25 %	19.02 %	15.29 %
Q3 2017	46.35 %	7.17 %	(6.13 %)
Q4 2017	50.42 %	17.25 %	12.96 %
Q1 2018	50.49 %	20.19 %	14.13 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2009	101.51	1.28	1.33	14.17
Q2 2009	101.51	1.32	1.36	17.62
Q3 2009	101.51	1.32	1.32	19.72
Q4 2009	101.51	1.53	1.56	21.46
Q1 2010	120.00	1.31	1.36	22.04
Q2 2010	120.00	1.36	1.41	19.98
Q3 2010	120.00	1.37	1.43	21.69
Q4 2010	120.00	1.47	1.50	24.48
Q1 2011	120.00	1.47	1.47	25.41
Q2 2011	120.00	1.62	1.62	27.29
Q3 2011	120.00	1.72	1.72	25.92
Q4 2011	120.00	1.75	1.75	26.50
Q1 2012	120.00	1.84	1.84	30.26
Q2 2012	120.00	2.09	2.09	25.75
Q3 2012	120.00	2.11	2.11	26.24
Q4 2012	120.00	1.94	1.94	25.28
Q1 2013	120.00	1.99	1.99	27.18
Q2 2013	120.00	2.19	2.19	26.14
Q3 2013	120.00	2.21	2.21	27.35
Q4 2013	120.00	2.23	2.23	32.18
Q1 2014	120.00	2.47	2.47	32.96
Q2 2014	120.00	2.33	2.33	33.21
Q3 2014	120.00	2.35	2.35	35.74
Q4 2014	120.00	2.64	2.64	28.75
Q1 2015	120.00	2.71	2.71	27.84
Q2 2015	120.00	3.87	2.61	28.72
Q3 2015	120.00	3.81	2.55	24.87
Q4 2015	120.00	2.98	2.70	22.17
Q1 2016	120.00	2.89	2.49	20.84
Q2 2016	120.00	1.24	2.10	20.49
Q3 2016	120.00	1.03	1.89	20.40
Q4 2016	120.00	2.31	0.60	22.59
Q1 2017	120.00	2.41	0.44	23.27
Q2 2017	120.00	2.47	0.50	21.52
Q3 2017	120.00	2.29	0.32	22.01
Q4 2017	120.00	1.64	1.15	22.78
Q1 2018	120.00	1.26	1.15	25.04

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	101.51	1.26	1.30	13.76
2009	101.51	1.53	1.56	21.46
2010	120.00	1.47	1.50	24.48
2011	120.00	1.76	1.76	26.50
2012	120.00	1.94	1.94	25.28
2013	120.00	2.22	2.22	32.18
2014	120.00	2.64	2.64	28.75
2015	120.00	2.98	2.70	22.17
2016	120.00	2.31	0.60	22.59
2017	120.00	1.64	1.15	22.78

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2009	14.92	14.39	1.35
Q2 2009	17.20	16.65	1.28
Q3 2009	18.29	18.26	1.22
Q4 2009	15.25	14.94	1.08
Q1 2010	16.69	16.04	0.99
Q2 2010	14.70	14.15	1.00
Q3 2010	14.64	14.10	0.93
Q4 2010	15.82	15.53	0.95
Q1 2011	17.65	17.65	1.02
Q2 2011	15.68	15.68	0.93
Q3 2011	14.41	14.41	0.96
Q4 2011	15.03	15.03	0.99
Q1 2012	17.92	17.92	1.09
Q2 2012	12.56	12.56	1.02
Q3 2012	13.70	13.70	1.10
Q4 2012	14.74	14.74	1.13
Q1 2013	13.60	13.60	1.00
Q2 2013	15.51	15.51	1.30
Q3 2013	15.70	15.70	1.27
Q4 2013	19.02	19.02	1.32
Q1 2014	19.07	19.07	1.43
Q2 2014	19.29	19.29	1.36
Q3 2014	21.41	21.41	1.41
Q4 2014	12.89	12.89	1.18
Q1 2015	14.78	14.78	1.44
Q2 2015	11.59	17.18	1.56
Q3 2015	9.46	14.14	1.45
Q4 2015	11.16	12.29	1.50
Q1 2016	11.15	12.96	1.55
Q2 2016	29.96	17.69	1.81
Q3 2016	30.18	16.49	1.53
Q4 2016	17.72	68.63	1.81
Q1 2017	15.03	81.82	1.56
Q2 2017	14.32	70.59	1.64
Q3 2017	14.43	More than 100	1.50
Q4 2017	18.25	26.14	1.32
Q1 2018	24.34	26.70	1.23

Period	P/E	Adjusted P/E	Price/book
2008	12.99	12.60	1.19
2009	15.25	14.94	1.08
2010	15.82	15.53	0.95
2011	14.95	14.95	0.99
2012	14.74	14.74	1.13
2013	19.11	19.11	1.32
2014	12.89	12.89	1.18
2015	11.16	12.29	1.50
2016	17.72	68.63	1.81
2017	18.25	26.14	1.32

Business Segments (Million)

Compared With The

Period	Pharmaceutical Manufacturing	healthy services and other	Trading & Distribution Services	Contract manufacturing arrangements	Medical & Pharmaceutical production segment	Investment activity	Eliminations
Q1 2009	-	-	-	-	257.88	-	-
Q2 2009	-	-	-	-	229.00	-	-
Q3 2009	-	-	-	-	171.15	-	-
Q4 2009	-	-	-	-	292.71	-	-
Q1 2010	-	-	-	-	274.33	-	-
Q2 2010	-	-	-	-	252.34	-	-
Q3 2010	-	-	-	-	191.41	-	-
Q4 2010	-	-	-	-	319.57	-	-
Q1 2011	-	-	-	-	252.08	-	-
Q2 2011	-	-	-	-	292.08	-	-
Q3 2011	-	-	-	-	209.24	-	-
Q4 2011	-	-	-	-	375.82	-	-
Q1 2012	-	-	-	-	303.14	-	-
Q2 2012	-	-	-	-	286.65	-	-
Q3 2012	-	-	-	-	227.40	-	-
Q4 2012	-	-	-	-	365.97	-	-
Q1 2013	-	-	-	-	361.37	-	-
Q2 2013	-	-	-	-	344.22	-	-
Q3 2013	-	-	-	-	222.91	-	-
Q4 2013	-	-	-	-	382.01	-	-
Q1 2014	-	-	-	-	405.21	-	-
Q2 2014	-	-	-	-	374.14	-	-
Q3 2014	-	-	-	-	266.02	-	-
Q4 2014	-	-	-	-	427.82	-	-
Q1 2015	-	-	-	-	432.29	14.84	-
Q2 2015	-	-	-	-	436.99	195.93	-
Q3 2015	-	-	-	-	308.38	9.55	-
Q4 2015	-	-	-	-	529.24	-	-
Q1 2016	-	-	-	-	513.97	25.27	-
Q2 2016	-	-	-	-	494.92	9.41	-
Q3 2016	-	-	-	-	100.39	6.23	-
Q4 2016	-	-	-	-	401.35	247.84	-
Q1 2017	-	-	-	-	446.00	50.90	(51.45)
Q2 2017	-	-	-	-	350.01	1.39	(43.30)
Q3 2017	-	-	-	-	317.29	4.01	(36.78)
Q4 2017	-	-	-	-	486.15	-	(54.74)
Q1 2018	-	-	-	-	450.19	7.00	(57.49)

Period	Pharmaceutical Manufacturing	healthy services and other	Trading & Distribution Services	Contract manufacturing arrangements	Medical & Pharmaceutical production segment	Investment activity	Eliminations
2008	-	-	-	-	871.94	-	-
2009	-	-	-	-	950.74	-	-
2010	-	-	-	-	1,037.64	-	-
2011	-	-	-	-	1,129.22	-	-
2012	-	-	-	-	1,183.15	-	-
2013	-	-	-	-	1,310.50	-	-
2014	-	-	-	-	1,470.19	-	-
2015	-	-	-	-	1,706.80	115.14	-
2016	-	-	-	-	1,510.63	288.74	(244.41)
2017	-	-	-	-	1,599.45	61.92	(186.28)

Analysts Estimates (Million)

Item	Q1 2018 (e)	Q1 2018 (a)	Change‬
Average	53.40	55.23	3.43 %

Estimates vs Actual (Million)

Item	Q1 2018 (e)	Q1 2018 (a)	Change
OSOOL AND BAKHEET	53.40	55.23	3.4 %

Financial Ratios

	Current
Market Cap (M Riyal)	3,444.00
Enterprise Value (EV) (M)	4,525.48
Shares Outstanding ((M))	120.00
EPS ( Riyal) (TTM)	(0.27)
Book Value (BV) ( Riyal)	12.89
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	2.23
Return on Average Assets (%) (TTM)	(0.76 )
Return on Average Equity (%) (TTM)	(2.09 )

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)

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SPIMACO’s Q1 profit falls 44% on higher zakat expenses

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2018 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

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Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)

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SPIMACO’s Q1 profit falls 44% on higher zakat expenses

View other reports

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2018

Revenue by Business Segment (Latest) 2018 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)

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Business Segments (Million)