Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) reported a net profit after Zakat and tax of SAR 64.6 million for the first nine months of 2021, a 53% decline from SAR 138 million in the same period last year.
The company attributed the decrease in net profit to lower sales due to the recall of two of the company's products from the local and export markets for conducting new bioequivalence studies.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 1,176.77 | 1,092.12 | (7.2 %) |
| Gross Income | 544.93 | 461.21 | (15.4 %) |
| Operating Income | 140.31 | 68.42 | (51.2 %) |
| Net Income | 137.99 | 64.61 | (53.2 %) |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 1.15 | 0.54 | (53.2 %) |
The company reported a net profit of SAR 7.40 million for Q3 2021, a plunge of 89% year-on-year (YoY).
On a sequential basis, net profit fell 76.2% from SAR 31.07 million on lower sales due to the seasonal effect in demand level.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 372.91 | 311.36 | (16.5 %) |
| Gross Income | 195.71 | 145.71 | (25.5 %) |
| Operating Income | 70.05 | 18.69 | (73.3 %) |
| Net Income | 67.41 | 7.40 | (89.0 %) |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 0.56 | 0.06 | (89.0 %) |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 325.96 | 311.36 | (4.5 %) |
| Gross Income | 173.50 | 145.71 | (16.0 %) |
| Operating Income | 29.91 | 18.69 | (37.5 %) |
| Net Income | 31.07 | 7.40 | (76.2 %) |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 0.26 | 0.06 | (76.2 %) |
Shareholders’ equity, after minority interest, dropped to SAR 1.863 billion as of Sept. 30, 2021, from SAR 1.911 billion a year earlier.
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