SPIMACO turns to SAR 24.5M profits in 2024, loses SAR 36.2M in Q4

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) reported a net profit of SAR 24.5 million for 2024, against a net loss of SAR 50.7 million a year earlier.

The company’s return to profit-making came as the topline advanced by 1.6% year-on-year (YoY) to SAR 26.56 million by 2024-end, driven by higher sales from the private-sector segment.

The 12-month gross profit also climbed YoY by 19.04% to SAR 837 million. This followed the discontinuation of low-margin contracts, reflecting improved operating efficiency. The gross profit margin expanded to 49.76% in 2024, from 42.47% in 2023.

Furthermore, selling, marketing, general and administrative expenses fell 2.22% to SAR 604.4 million in 2024, versus SAR 618 million in 2023, thanks to tighter cost controls and the elevated operating efficiency.

Operating profits, in addition, jumped to SAR 137.46 million by the end of 2024, from SAR 52.15 million in the year before. This was supported by strong gross income and lower operating expenses on cost management.

The Q4 2024 net loss narrowed to SAR 36.2 million, from SAR 64.33 million in the year-earlier period.

On a sequential basis, however, the three-month net losses widened from SAR 8.03 million in Q3 2024.

Total shareholders’ equity, after minority interest, stood at SAR 1.378 billion by Dec. 31, 2024, inching up from SAR 1.375 billion a year ago.

Accumulated losses amounted to SAR 120.27 million by the end of 2024, representing 10.02% of SPIMACO’s capital.

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