Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) reported net profit of SAR 57.6 million for H1 2021, a decline of 19%, from net profit of SAR 70.9 million in prior-year period, driven by lower sales, decreased gross profit in addition to a 25% drop in operating profit.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 803.86 | 780.76 | (2.9 %) |
| Gross Income | 349.21 | 315.50 | (9.7 %) |
| Operating Income | 70.26 | 49.73 | (29.2 %) |
| Net Income | 70.58 | 57.21 | (18.9 %) |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 0.59 | 0.48 | (18.9 %) |
The second-quarter net profit rose 25% YoY to SAR 31.5 million, backed by higher gross profit and lower cost of sales due to improved capacity utilization of the manufacturing facilities.
On a sequential basis, net profit increased by 19.3%.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 328.14 | 325.96 | (0.7 %) |
| Gross Income | 150.49 | 173.50 | 15.3 % |
| Operating Income | 12.82 | 29.91 | 133.3 % |
| Net Income | 24.98 | 31.07 | 24.4 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 0.21 | 0.26 | 24.4 % |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 454.81 | 325.96 | (28.3 %) |
| Gross Income | 142.00 | 173.50 | 22.2 % |
| Operating Income | 19.82 | 29.91 | 50.9 % |
| Net Income | 26.15 | 31.07 | 18.8 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 0.22 | 0.26 | 18.8 % |
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