Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) reported a net profit after Zakat and tax of SAR 45.6 million for Q1 2020, against a net loss of SAR 21.6 million a year earlier.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 444.80 | 475.72 | 7.0 % |
| Gross Income | 152.43 | 198.73 | 30.4 % |
| Operating Income | 16.97 | 57.44 | 238.5 % |
| Net Income | (21.71) | 45.60 | 310.1 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | (0.18) | 0.38 | 310.1 % |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 344.32 | 475.72 | 38.2 % |
| Gross Income | 79.28 | 198.73 | 150.7 % |
| Operating Income | (78.77) | 57.44 | 172.9 % |
| Net Income | (259.65) | 45.60 | 117.6 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | (2.16) | 0.38 | 117.6 % |
The positive performance was driven by a 7.78% rise year-on-year in revenue, a decline in the cost of goods sold amid better sales mix, an increase in produced units and lower production costs.
The company turned profitable from a net loss of SAR 303.3 million in Q4 2019, backed by a decline in the cost of goods sold amid better sales mix, an increase in produced units and lower production costs.
SPIMACO’s accumulated losses stood at SAR 246.29 million by the end of Q1 2020, accounting for 20.52% of capital.
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