Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) reported a net profit of SAR 70.8 million for the first half of 2020 from a net loss of SAR 208.8 million in the same period last year.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 799.83 | 803.86 | 0.5 % |
| Gross Income | 247.53 | 349.21 | 41.1 % |
| Operating Income | (48.05) | 70.26 | 246.2 % |
| Net Income | (208.20) | 70.58 | 133.9 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | (1.74) | 0.59 | 133.9 % |
The profit was attributed to the improvement in private sector’s sales despite the decline in exports in addition to lower cost of sales and operating expenses.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 355.03 | 328.14 | (7.6 %) |
| Gross Income | 95.10 | 150.49 | 58.2 % |
| Operating Income | (65.02) | 12.82 | 119.7 % |
| Net Income | (186.49) | 24.98 | 113.4 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | (1.55) | 0.21 | 113.4 % |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 475.72 | 328.14 | (31.0 %) |
| Gross Income | 198.73 | 150.49 | (24.3 %) |
| Operating Income | 57.44 | 12.82 | (77.7 %) |
| Net Income | 45.60 | 24.98 | (45.2 %) |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 0.38 | 0.21 | (45.2 %) |
On a quarterly basis, the company reported a net profit of SAR 25.20 million in Q2 2020 from a loss of SAR 187.09 million in the same period a year earlier on lower cost of sales and operating expenses despite decline in exports.
When compared to previous quarter, net profit fell 44.73% due to lower exports and the seasonality nature of private sector’s sales.
The company’s accumulated losses as of June 30, 2020 reached SAR 229.53 million, representing 19.13% of capital.
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