Financial Results : SPIMACO Q1 2025 net profit soars 90% to SAR 75.1M

SPIMACO Q1 2025 net profit soars 90% to SAR 75.1M

12/05/2025 Argaam Exclusive

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Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) reported a net profit of SAR 75.1 million (before excluding minority interests) in Q1 2025, a surge of 90% compared to SAR 39.5 million in Q1 2024.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Revenues 475.96 484.84 1.9 %
Gross Income 251.14 228.90 (8.9 %)
Operating Income 73.56 62.70 (14.8 %)
Net Income 35.35 70.83 100.4 %
Average Shares 120.00 120.00 -
Earnings Per Share before unusual items (Riyal) 0.29 0.42 43.7 %
EPS (Riyal) 0.29 0.59 100.4 %

Q1 revenue increased by 2%, or SAR 8.9 million, to SAR 484.8 million, mainly driven by modest growth in domestic sales, particularly from the government sector.

 

The company also noted a decline of 8.6% year-on-year (YoY) in selling, general and administrative expenses (SG&A) to SAR 138.2 million, a drop of 25.9% YoY in research and development expenses and 50.9% higher operating profit YoY. Additionally, other income amounted to SAR 21.8 million in Q1 2025, compared to other expenses at SAR 17.5 million in Q1 2024, mainly due to gains on selling fixed assets in Q1 2025.

 

On a sequential basis, the company swung to a profit versus a net loss of SAR 35.9 million in Q4 2024.

 

Total shareholders’ equity, after minority interest, stood at SAR 1.45 billion as of March 31, 2025, compared to SAR 1.41 billion a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 322.20 (25.4 %) 194.26 (14.0 %) 53.22 (41.7 %)
Q2 2016 339.54 (22.1 %) 183.58 (13.0 %) 27.50 (42.7 %)
Q3 2016 257.21 (16.6 %) 140.54 7.0 % 9.14 (63.0 %)
Q4 2016 339.59 (34.7 %) 194.16 (27.1 %) 13.46 (86.8 %)
Q1 2017 393.10 22.0 % 212.58 9.4 % 50.03 (6.0 %)
Q2 2017 304.63 (10.3 %) 156.13 (15.0 %) 49.40 79.6 %
Q3 2017 277.62 7.9 % 128.68 (8.4 %) 8.30 (9.2 %)
Q4 2017 410.69 20.9 % 207.07 6.7 % 58.60 335.5 %
Q1 2018 390.79 (0.6 %) 197.32 (7.2 %) 67.66 35.2 %
Q2 2018 295.62 (3.0 %) 155.28 (0.5 %) 10.00 (79.8 %)
Q3 2018 224.95 (19.0 %) 137.89 7.2 % 3.59 (56.8 %)
Q4 2018 600.79 46.3 % 127.79 (38.3 %) (48.39) (182.6 %)
Q1 2019 444.80 13.8 % 152.43 (22.7 %) 16.97 (74.9 %)
Q2 2019 355.03 20.1 % 95.10 (38.8 %) (65.02) (750.4 %)
Q3 2019 342.69 52.3 % 170.82 23.9 % 46.71 1201.2 %
Q4 2019 344.32 (42.7 %) 79.28 (38.0 %) (78.77) (62.8 %)
Q1 2020 475.72 7.0 % 198.73 30.4 % 57.44 238.5 %
Q2 2020 328.14 (7.6 %) 150.49 58.2 % 12.82 119.7 %
Q3 2020 372.91 8.8 % 195.71 14.6 % 70.05 50.0 %
Q4 2020 378.52 9.9 % 145.55 83.6 % 2.91 103.7 %
Q1 2021 454.81 (4.4 %) 142.00 (28.5 %) 19.82 (65.5 %)
Q2 2021 325.96 (0.7 %) 173.50 15.3 % 29.91 133.3 %
Q3 2021 311.36 (16.5 %) 145.71 (25.5 %) 18.69 (73.3 %)
Q4 2021 367.67 (2.9 %) 159.50 9.6 % (13.76) (572.9 %)
Q1 2022 389.33 (14.4 %) 185.71 30.8 % 47.81 141.2 %
Q2 2022 310.62 (4.7 %) 120.18 (30.7 %) (45.26) (251.3 %)
Q3 2022 357.02 14.7 % 123.19 (15.5 %) (39.65) (312.1 %)
Q4 2022 364.83 (0.8 %) 137.92 (13.5 %) (70.95) (415.8 %)
Q1 2023 531.77 36.6 % 257.32 38.6 % 72.40 51.4 %
Q2 2023 408.06 31.4 % 183.85 53.0 % 27.64 161.1 %
Q3 2023 381.09 6.7 % 166.30 35.0 % 8.57 121.6 %
Q4 2023 334.52 (8.3 %) 95.67 (30.6 %) (107.44) (51.4 %)
Q1 2024 475.96 (10.5 %) 251.14 (2.4 %) 73.56 1.6 %
Q2 2024 373.50 (8.5 %) 176.13 (4.2 %) 22.49 (18.6 %)
Q3 2024 447.31 17.4 % 215.67 29.7 % 15.96 86.3 %
Q4 2024 386.20 15.4 % 190.77 99.4 % 6.65 106.2 %
Q1 2025 484.84 1.9 % 228.90 (8.9 %) 62.70 (14.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 88.91 (10.5 %) 0.74 15.46 73.45 0.61
Q2 2016 39.61 (83.3 %) 0.33 - 39.61 0.33
Q3 2016 4.76 (83.7 %) 0.04 - 4.76 0.04
Q4 2016 143.48 1673.8 % 1.20 189.84 (46.36) (0.39)
Q1 2017 101.22 13.8 % 0.84 46.14 55.08 0.46
Q2 2017 46.56 17.5 % 0.39 - 46.56 0.39
Q3 2017 (17.03) (457.9 %) (0.14) - (17.03) (0.14)
Q4 2017 66.61 (53.6 %) 0.56 13.40 53.21 0.44
Q1 2018 55.23 (45.4 %) 0.46 - 55.23 0.46
Q2 2018 22.67 (51.3 %) 0.19 - 22.67 0.19
Q3 2018 (12.12) 28.8 % (0.10) - (12.12) (0.10)
Q4 2018 19.01 (71.5 %) 0.16 - 19.01 0.16
Q1 2019 (21.71) (139.3 %) (0.18) - (21.71) (0.18)
Q2 2019 (186.49) (922.8 %) (1.55) (108.90) (77.59) (0.65)
Q3 2019 28.11 332.0 % 0.23 - 28.11 0.23
Q4 2019 (259.65) (1466.1 %) (2.16) (130.02) (129.64) (1.08)
Q1 2020 45.60 310.1 % 0.38 - 45.60 0.38
Q2 2020 24.98 113.4 % 0.21 - 24.98 0.21
Q3 2020 67.41 139.8 % 0.56 - 67.41 0.56
Q4 2020 (13.20) 94.9 % (0.11) - (13.20) (0.11)
Q1 2021 26.15 (42.7 %) 0.22 - 26.15 0.22
Q2 2021 31.07 24.4 % 0.26 - 31.07 0.26
Q3 2021 7.40 (89.0 %) 0.06 - 7.40 0.06
Q4 2021 (38.15) (189.1 %) (0.32) - (38.15) (0.32)
Q1 2022 33.33 27.5 % 0.28 - 33.33 0.28
Q2 2022 (46.65) (250.2 %) (0.39) - (46.65) (0.39)
Q3 2022 (45.05) (709.1 %) (0.38) - (45.05) (0.38)
Q4 2022 (106.76) (179.8 %) (0.89) - (106.76) (0.89)
Q1 2023 43.78 31.4 % 0.36 - 43.78 0.36
Q2 2023 15.35 132.9 % 0.13 - 15.35 0.13
Q3 2023 (45.52) (1.0 %) (0.38) (24.84) (20.68) (0.17)
Q4 2023 (64.33) 39.7 % (0.54) 42.02 (106.35) (0.89)
Q1 2024 35.35 (19.3 %) 0.29 - 35.35 0.29
Q2 2024 17.10 11.4 % 0.14 2.65 14.45 0.12
Q3 2024 (11.05) 75.7 % (0.09) 4.33 (15.38) (0.13)
Q4 2024 (36.16) 43.8 % (0.30) 1.10 (37.27) (0.31)
Q1 2025 70.83 100.4 % 0.59 20.04 50.79 0.42

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
Q1 2018 49.81 % 16.45 % 9.97 %
Q2 2018 50.07 % 14.49 % 8.30 %
Q3 2018 52.76 % 15.07 % 9.00 %
Q4 2018 40.89 % 5.68 % 5.61 %
Q1 2019 36.61 % 2.64 % 0.50 %
Q2 2019 31.57 % (2.89 %) (5.68 %)
Q3 2019 31.33 % 0.66 % (2.99 %)
Q4 2019 33.47 % 1.46 % (13.51 %)
Q1 2020 35.84 % 4.49 % (8.80 %)
Q2 2020 40.20 % 10.74 % (2.08 %)
Q3 2020 41.04 % 11.13 % 0.55 %
Q4 2020 44.40 % 14.83 % 8.02 %
Q1 2021 41.30 % 12.43 % 6.86 %
Q2 2021 42.86 % 13.79 % 7.27 %
Q3 2021 41.26 % 10.94 % 3.50 %
Q4 2021 42.52 % 9.78 % 1.81 %
Q1 2022 47.65 % 12.35 % 2.41 %
Q2 2022 44.31 % 6.97 % (3.20 %)
Q3 2022 41.31 % 2.84 % (6.78 %)
Q4 2022 39.88 % (1.35 %) (11.61 %)
Q1 2023 40.83 % 0.24 % (9.89 %)
Q2 2023 42.26 % 4.48 % (5.58 %)
Q3 2023 44.22 % 7.20 % (4.05 %)
Q4 2023 42.47 % 5.02 % (4.10 %)
Q1 2024 43.57 % 5.27 % (4.77 %)
Q2 2024 44.04 % 5.16 % (4.93 %)
Q3 2024 45.28 % 5.57 % (4.41 %)
Q4 2024 49.54 % 12.08 % (0.17 %)
2024 49.76 % 13.07 % 0.98 %
Q1 2025 47.96 % 11.43 % 0.74 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q2 2018 120.00 1.06 0.95 25.74
Q3 2018 120.00 1.10 0.99 24.32
Q4 2018 120.00 0.71 0.71 21.17
Q1 2019 120.00 0.07 0.07 22.80
Q2 2019 120.00 (1.68) (0.77) 19.63
Q3 2019 120.00 (1.34) (0.43) 18.36
Q4 2019 120.00 (3.66) (1.67) 16.20
Q1 2020 120.00 (3.10) (1.11) 14.14
Q2 2020 120.00 (1.34) (0.26) 14.67
Q3 2020 120.00 (1.01) 0.07 15.63
Q4 2020 120.00 1.04 1.04 15.96
Q1 2021 120.00 0.88 0.88 16.29
Q2 2021 120.00 0.93 0.93 15.54
Q3 2021 120.00 0.43 0.43 15.53
Q4 2021 120.00 0.22 0.22 15.31
Q1 2022 120.00 0.28 0.28 15.53
Q2 2022 120.00 (0.37) (0.37) 14.54
Q3 2022 120.00 (0.80) (0.80) 14.13
Q4 2022 120.00 (1.38) (1.38) 12.10
Q1 2023 120.00 (1.29) (1.29) 13.29
Q2 2023 120.00 (0.77) (0.77) 12.78
Q3 2023 120.00 (0.78) (0.57) 12.30
Q4 2023 120.00 (0.42) (0.57) 11.46
Q1 2024 120.00 (0.49) (0.64) 11.79
Q2 2024 120.00 (0.48) (0.64) 11.81
Q3 2024 120.00 (0.19) (0.60) 11.75
Q4 2024 120.00 0.04 (0.02) 11.49
Q1 2025 120.00 0.34 0.10 12.16

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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
Q2 2018 30.03 33.56 1.24
Q3 2018 28.37 31.57 1.29
Q4 2018 41.61 41.61 1.39
Q1 2019 More than 100 More than 100 1.21
Q2 2019 NEG NEG 1.35
Q3 2019 NEG NEG 1.43
Q4 2019 NEG NEG 1.68
Q1 2020 NEG NEG 1.91
Q2 2020 NEG NEG 1.98
Q3 2020 NEG More than 100 2.34
Q4 2020 37.70 37.70 2.46
Q1 2021 46.94 46.94 2.53
Q2 2021 62.14 62.14 3.71
Q3 2021 More than 100 More than 100 3.00
Q4 2021 More than 100 More than 100 2.57
Q1 2022 More than 100 More than 100 2.40
Q2 2022 NEG NEG 1.79
Q3 2022 NEG NEG 1.85
Q4 2022 NEG NEG 1.80
Q1 2023 NEG NEG 1.79
Q2 2023 NEG NEG 2.98
Q3 2023 NEG NEG 2.87
Q4 2023 NEG NEG 3.30
Q1 2024 NEG NEG 3.00
Q2 2024 NEG NEG 2.49
Q3 2024 NEG NEG 2.97
Q4 2024 More than 100 NEG 2.78
Q1 2025 77.37 More than 100 2.16

Business Segments (Million)

Compared With The
Period Pharmaceutical Manufacturing Healthcare services Trading & Distribution Services Contract manufacturing arrangements Medical & Pharmaceutical production segment Investment activity Eliminations
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)
Q3 2018 172.41 34.26 1.75 16.54 - - -
Q1 2019 419.76 22.19 2.03 0.82 - - -
Q2 2019 334.00 19.00 0.91 1.12 - - -
Q3 2019 313.52 20.79 7.10 1.29 - - -
Q1 2020 449.65 22.39 1.55 2.13 - - -
Q2 2020 295.05 27.32 5.12 0.65 - - -
Q3 2020 348.38 22.04 0.75 1.74 - - -
Q4 2020 349.04 20.89 6.83 1.76 - - -
Q1 2021 407.34 20.92 26.29 0.25 - - -
Q2 2021 314.20 27.04 - 2.98 - - -
Q3 2021 276.02 28.96 0.06 6.32 - - -
Q4 2021 336.97 26.95 - 6.42 - - -
Q1 2022 354.53 30.22 4.44 0.14 - - -
Q2 2022 244.52 27.85 38.40 - - - -
Q3 2022 298.78 33.20 25.04 - - - -
Q1 2023 431.67 37.35 62.75 - - - -
Q2 2023 342.23 38.90 26.93 - - - -
Q3 2023 308.91 42.42 29.76 - - - -
Q4 2023 213.90 42.73 77.90 - - - -
Q1 2024 391.86 43.60 40.50 - - - -
Q3 2024 353.54 40.10 53.68 - - - -
Q4 2024 341.84 38.40 5.97 - - - -
Q1 2025 408.05 45.27 31.52 - - - -

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change Profit Before Unusual Items Change
Average 24.00 70.83 50.79

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬ Profit Before Unusual Items Change‬
Al Rajhi Capital 24.00 70.83 50.79


Financial Ratios
Current
Market Cap (M Riyal) 3,184.80
Enterprise Value (EV) (M Riyal) 4,419.19
Shares Outstanding ((M)) 120.00
EPS ( Riyal) (TTM) 0.91
Book Value (BV) ( Riyal) 12.89
Par Value ( Riyal) 10.00
Recurring P/E 41.16
P/E (TTM) 29.10
Price/book 2.06
Return on Average Assets (%) (TTM) 2.5
Return on Average Equity (%) (TTM) 7.4
EV/adj EBITDA 15.79
EV/Revenues 2.62
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Share Price

Saudi Pharmaceutical Industries and Medical Appliances Corp.
26.54
0.36 1.38 %

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)

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