SPIMACO net earnings at SAR 154.7M in 9M 2025, SAR 43.6M in Q3

02/11/2025 Argaam Exclusive

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Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) generated SAR 154.7 million in net earnings (before minority interest) for 9M 2025, up from SAR 48.3 million in the prior-year period.

Financials (M)

Item	9m 2024	9m 2025	Change‬
Revenues	1,296.80	1,300.90	0.3 %
Gross Income	642.90	625.90	(2.6 %)
Operating Income	108.60	210.60	93.9 %
Net Income	48.30	154.70	220.3 %
Average Shares	120.00	120.00	-
Earnings Per Share before unusual items (Riyals)	0.34	1.12	225.9 %
EPS (Riyal)	0.40	1.29	220.3 %

The positive performance came thanks to higher revenues for the first nine months of this year, supported by a 54% year-on-year (YoY) rise of SAR 95.1 million in government sales. This is in addition to a 515% (SAR 40.9 million) surge in contract manufacturing sales for the same period.

The company also benefited from an 11.1% (SAR 49.4 million) decrease in general, administrative, and selling expenses. This followed a drive towards cost optimization, as well as a 63% YoY decline of SAR 25.4 million in impairment provisions for receivables, reflecting improved collections.

Other income, moreover, skyrocketed by 1,219% to SAR 42.1 million in 9M 2025, primarily due to gains from the sale of fixed assets.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2024	Q3 2025	Change‬
Revenues	447.30	415.30	(7.2 %)
Gross Income	215.70	202.90	(5.9 %)
Operating Income	21.30	64.70	203.8 %
Net Income	(9.30)	43.60	568.8 %
Average Shares	120.00	120.00	-
Earnings Per Share before unusual items (Riyal)	(0.11)	0.36	419.8 %
EPS (Riyal)	(0.08)	0.36	568.8 %

Item	Q2 2025	Q3 2025	Change‬
Revenues	400.76	415.30	3.6 %
Gross Income	194.08	202.90	4.5 %
Operating Income	61.40	64.70	5.4 %
Net Income	36.00	43.60	21.1 %
Average Shares	120.00	120.00	-
Earnings Per Share before unusual items (Riyal)	0.30	0.36	21.1 %
EPS (Riyal)	0.30	0.36	21.1 %

In Q3 2025, SPIMACO turned to a net profit of SAR 43.6 million, versus a net loss of SAR 9.3 million in Q3 2024.

The turnaround was driven by lower general and administrative expenses, alongside a 71.4% drop in expected credit loss provisions and a 145% increase in other income on gains from asset disposals.

These factors offset lower revenues for Q3 2025, which fell 7.2% YoY to SAR 415.3 million, mainly due to an 18% (SAR 55 million) decline in private sector sales and a 36% (SAR 21.6 million) drop in international sales.

On a quarterly basis, net profit climbed by 21.1% from SAR 36 million in Q2 2025.

Total shareholders’ equity, after minority interest, increased to SAR 1.54 billion as of Sept. 30, 2025, from SAR 1.40 billion a year earlier.

Attached Documents:

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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 %)
2016	1,258.55	(26.2 %)	712.54	(16.0 %)	103.32	(60.6 %)
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 %
2017	1,386.04	10.1 %	704.46	(1.1 %)	166.33	61.0 %
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 %)
2018	1,503.32	8.5 %	608.52	(13.6 %)	21.00	(87.4 %)
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 %)
2019	1,486.85	(1.1 %)	497.64	(18.2 %)	(80.10)	(481.5 %)
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 %
2020	1,555.29	4.6 %	690.48	38.8 %	143.22	278.8 %
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 %)
2021	1,459.78	(6.1 %)	620.71	(10.1 %)	54.67	(61.8 %)
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 %)
2022	1,421.81	(2.6 %)	567.00	(8.7 %)	(108.05)	(297.7 %)
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 %)
2023	1,655.44	16.4 %	703.13	24.0 %	1.17	101.1 %
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	447.30	17.4 %	215.70	29.7 %	21.30	148.6 %
Q4 2024	386.20	15.4 %	190.77	99.4 %	6.65	106.2 %
2024	1,682.00	1.6 %	837.03	19.0 %	135.09	11475.7 %
Q1 2025	484.84	1.9 %	228.90	(8.9 %)	62.70	(14.8 %)
Q2 2025	400.76	7.3 %	194.08	10.2 %	61.40	173.1 %
Q3 2025	415.30	(7.2 %)	202.90	(5.9 %)	64.70	203.8 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2015	1,705.05	16.0 %	848.60	6.8 %	262.04	8.3 %
2016	1,258.55	(26.2 %)	712.54	(16.0 %)	103.32	(60.6 %)
2017	1,386.04	10.1 %	704.46	(1.1 %)	166.33	61.0 %
2018	1,503.32	8.5 %	608.52	(13.6 %)	21.00	(87.4 %)
2019	1,486.85	(1.1 %)	497.64	(18.2 %)	(80.10)	(481.5 %)
2020	1,555.29	4.6 %	690.48	38.8 %	143.22	278.8 %
2021	1,459.78	(6.1 %)	620.71	(10.1 %)	54.67	(61.8 %)
2022	1,421.81	(2.6 %)	567.00	(8.7 %)	(108.05)	(297.7 %)
2023	1,655.44	16.4 %	703.13	24.0 %	1.17	101.1 %
2024	1,682.00	1.6 %	837.03	19.0 %	135.09	11475.7 %

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)
2016	276.76	(22.5 %)	2.31	205.30	71.46	0.60
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
2017	197.37	(28.7 %)	1.64	59.54	137.83	1.15
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
2018	76.58	(61.2 %)	0.64	-	76.58	0.64
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)
2019	(439.74)	(674.2 %)	(3.66)	(238.92)	(200.83)	(1.67)
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)
2020	124.79	128.4 %	1.04	-	124.79	1.04
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)
2021	26.45	(78.8 %)	0.22	-	26.45	0.22
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)
2022	(165.14)	(724.2 %)	(1.38)	-	(165.14)	(1.38)
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)
2023	(50.73)	69.3 %	(0.42)	17.17	(67.90)	(0.57)
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	(9.30)	79.6 %	(0.08)	4.33	(13.63)	(0.11)
Q4 2024	(36.16)	43.8 %	(0.30)	1.10	(37.27)	(0.31)
2024	24.54	148.4 %	0.20	8.09	16.45	0.14
Q1 2025	70.83	100.4 %	0.59	20.04	50.79	0.42
Q2 2025	36.00	110.6 %	0.30	-	36.00	0.30
Q3 2025	43.60	568.8 %	0.36	-	43.60	0.36

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
2015	357.05	12.7 %	2.98	32.81	324.25	2.70
2016	276.76	(22.5 %)	2.31	205.30	71.46	0.60
2017	197.37	(28.7 %)	1.64	59.54	137.83	1.15
2018	76.58	(61.2 %)	0.64	-	76.58	0.64
2019	(439.74)	(674.2 %)	(3.66)	(238.92)	(200.83)	(1.67)
2020	124.79	128.4 %	1.04	-	124.79	1.04
2021	26.45	(78.8 %)	0.22	-	26.45	0.22
2022	(165.14)	(724.2 %)	(1.38)	-	(165.14)	(1.38)
2023	(50.73)	69.3 %	(0.42)	17.17	(67.90)	(0.57)
2024	24.54	148.4 %	0.20	8.09	16.45	0.14

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 %
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 %
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 %
2018	40.48 %	4.92 %	5.09 %
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 %)
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 %
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 %
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 %)
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 %)
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 %	5.80 %	(4.30 %)
Q4 2024	49.54 %	12.54 %	(0.07 %)
2024	49.76 %	13.07 %	0.98 %
Q1 2025	47.97 %	11.88 %	0.85 %
Q2 2025	48.25 %	14.38 %	2.09 %
Q3 2025	48.40 %	-	5.52 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2015	49.77 %	16.85 %	19.02 %
2016	56.62 %	10.25 %	5.68 %
2017	50.83 %	14.96 %	9.94 %
2018	40.48 %	4.92 %	5.09 %
2019	33.47 %	1.46 %	(13.51 %)
2020	44.40 %	14.83 %	8.02 %
2021	42.52 %	9.78 %	1.81 %
2022	39.88 %	(1.35 %)	(11.61 %)
2023	42.47 %	5.02 %	(4.10 %)
2024	49.76 %	13.07 %	0.98 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2016	60.29 %	18.36 %	22.80 %
Q2 2016	54.07 %	9.77 %	11.67 %
Q3 2016	54.64 %	6.30 %	1.85 %
Q4 2016	57.18 %	6.04 %	(13.65 %)
Q1 2017	54.08 %	14.94 %	14.01 %
Q2 2017	51.25 %	19.02 %	15.29 %
Q3 2017	46.35 %	7.17 %	(6.13 %)
Q4 2017	50.42 %	17.25 %	12.96 %
Q1 2018	50.49 %	20.19 %	14.13 %
Q2 2018	52.53 %	9.98 %	7.67 %
Q3 2018	61.30 %	8.88 %	(5.39 %)
Q4 2018	21.27 %	(7.08 %)	3.16 %
Q1 2019	34.27 %	7.75 %	(4.88 %)
Q2 2019	26.79 %	(16.60 %)	(21.86 %)
Q3 2019	49.85 %	22.90 %	8.20 %
Q4 2019	23.03 %	(9.36 %)	(37.65 %)
Q1 2020	41.77 %	16.99 %	9.59 %
Q2 2020	45.86 %	10.09 %	7.61 %
Q3 2020	52.48 %	23.49 %	18.08 %
Q4 2020	38.45 %	7.68 %	(3.49 %)
Q1 2021	31.22 %	9.00 %	5.75 %
Q2 2021	53.23 %	16.47 %	9.53 %
Q3 2021	46.80 %	11.95 %	2.38 %
Q4 2021	43.38 %	2.98 %	(10.38 %)
Q1 2022	47.70 %	18.06 %	8.56 %
Q2 2022	38.69 %	(7.20 %)	(15.02 %)
Q3 2022	34.51 %	(5.17 %)	(12.62 %)
Q4 2022	37.80 %	(13.36 %)	(29.26 %)
Q1 2023	48.39 %	17.56 %	8.23 %
Q2 2023	45.05 %	11.83 %	3.76 %
Q3 2023	43.64 %	7.47 %	(5.43 %)
Q4 2023	28.60 %	(25.98 %)	(31.79 %)
Q1 2024	52.77 %	19.86 %	7.43 %
Q2 2024	47.16 %	11.98 %	3.87 %
Q3 2024	48.22 %	9.46 %	(3.05 %)
Q4 2024	49.40 %	7.63 %	(9.65 %)
Q1 2025	47.21 %	17.42 %	10.47 %
Q2 2025	48.43 %	22.69 %	8.98 %
Q3 2025	48.86 %	-	10.50 %

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	(0.18)	(0.58)	11.75
Q4 2024	120.00	0.06	(0.01)	11.49
Q1 2025	120.00	0.35	0.12	12.16
Q2 2025	120.00	0.51	0.30	12.53
Q3 2025	120.00	0.95	0.78	12.89

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2015	120.00	2.98	2.70	22.17
2016	120.00	2.31	0.60	22.59
2017	120.00	1.64	1.15	22.78
2018	120.00	0.64	0.64	21.17
2019	120.00	(3.66)	(1.67)	16.20
2020	120.00	1.04	1.04	15.96
2021	120.00	0.22	0.22	15.31
2022	120.00	(1.38)	(1.38)	12.10
2023	120.00	(0.42)	(0.57)	11.46
2024	120.00	0.20	0.14	11.49

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	74.19	More than 100	2.16
Q2 2025	52.10	89.08	2.13
Q3 2025	30.77	37.76	2.27

Period	P/E	Recurring P/E	Price/book
2015	11.16	12.29	1.50
2016	17.72	68.63	1.81
2017	18.25	26.14	1.32
2018	46.07	46.07	1.39
2019	NEG	NEG	1.68
2020	37.70	37.70	2.46
2021	More than 100	More than 100	2.57
2022	NEG	NEG	1.80
2023	NEG	NEG	3.30
2024	More than 100	More than 100	2.78

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	353.25	40.10	53.68	-	-	-	-
Q4 2024	341.84	38.40	5.97	-	-	-	-
Q1 2025	408.05	45.27	31.52	-	-	-	-
Q2 2025	335.69	44.08	20.99	-	-	-	-

Period	Pharmaceutical Manufacturing	Healthcare services	Trading & Distribution Services	Contract manufacturing arrangements	Medical & Pharmaceutical production segment	Investment activity	Eliminations
2015	-	-	-	-	1,706.80	115.14	-
2016	-	-	-	-	1,510.63	288.74	(244.41)
2017	-	-	-	-	1,599.45	61.92	(186.28)
2018	1,414.72	78.37	5.02	5.22	-	-	-
2019	1,397.28	77.87	5.93	5.76	-	-	-
2020	1,442.13	92.64	14.25	6.27	-	-	-
2021	1,334.53	103.88	5.41	15.97	-	-	-
2022	392.74	129.31	899.76	-	-	-	-
2023	1,296.72	161.39	197.33	-	-	-	-
2024	1,381.84	162.42	137.75	-	-	-	-

Analysts Estimates (Million)

Item	Profit (Expected)	Profit (Actual)	Change
Average	52.00	43.60

Estimates vs Actual (Million)

Item	Profit (Expected)	Profit (Actual)	Change‬
United Securities Company	52.00	43.60

Financial Ratios

	Current
Market Cap (M Riyal)	3,592.80
Enterprise Value (EV) (M Riyal)	4,891.74
Shares Outstanding ((M))	120.00
EPS ( Riyal) (TTM)	0.95
Book Value (BV) ( Riyal)	12.89
Par Value ( Riyal)	10.00
Recurring P/E	38.58
P/E (TTM)	31.44
Price/book	2.32
Return on Average Assets (%) (TTM)	2.6
Return on Average Equity (%) (TTM)	7.7
EV/adj EBITDA	-
EV/Revenues	2.90

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)

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SPIMACO net earnings at SAR 154.7M in 9M 2025, SAR 43.6M in Q3

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2025 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)

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SPIMACO net earnings at SAR 154.7M in 9M 2025, SAR 43.6M in Q3

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2025

Revenue by Business Segment (Latest) 2025 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)

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Business Segments (Million)