Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) reported a net profit of SAR 33.3 million in Q1 2022, an increase of 27.5% from SAR 26.15 million in the prior-year period.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 454.81 | 389.33 | (14.4 %) |
| Gross Income | 142.00 | 185.71 | 30.8 % |
| Operating Income | 19.82 | 47.81 | 141.2 % |
| Net Income | 26.15 | 33.33 | 27.5 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 0.22 | 0.28 | 27.5 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 367.67 | 389.33 | 5.9 % |
| Gross Income | 159.50 | 185.71 | 16.4 % |
| Operating Income | (13.76) | 47.81 | 447.6 % |
| Net Income | (38.15) | 33.33 | 187.3 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | (0.32) | 0.28 | 187.3 % |
This was driven by a 45% and 30% year-on-year (YoY) rise in operating and gross profits, respectively. The company also cited the positive impact of the sales mix on the gross profit for the current quarter.
On a sequential basis, the company turned to a profit versus a net loss of SAR 38.15 million in Q4 2021.
Total shareholders’ equity, excluding minority interest, dropped 4.65% YoY to SAR 1.863 billion in Q1 2022.
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