Pharmaceutical posts higher net profit at SAR 188.9m in I2 of 2014

30/06/2014 Argaam Exclusive

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Share Price

Saudi Pharmaceutical Industries and Medical Appliances Corp (SPIMACO)

Saudi Pharmaceutical Indust.& Med. Appliances Company, the largest pharmaceutical products’ producer in Saudi Arabia, reported SAR 188.9m net profit at the end of the first half of 2014, a 7% increase compared to the same period last year, as shown in the following table:

Financials (M)

Item	6m 2013	6m 2014	Change‬
Revenues	705.59	776.35	10.0 %
Gross Income	363.74	399.87	9.9 %
Operating Income	110.65	120.95	9.3 %
Net Income	176.23	188.88	7.2 %
Average Shares	120.00	120.00	-
EPS (Riyals)	1.47	1.57	7.2 %

Current Quarter Comparison (M)

Compared With The

Item	Q2 2013	Q2 2014	Change‬
Revenues	344.22	371.14	7.8 %
Gross Income	179.12	193.14	7.8 %
Operating Income	40.64	44.90	10.5 %
Net Income	113.71	97.72	(14.1 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.95	0.81	(14.1 %)

Item	Q1 2014	Q2 2014	Change‬
Revenues	405.21	371.14	(8.4 %)
Gross Income	206.72	193.14	(6.6 %)
Operating Income	76.05	44.90	(41.0 %)
Net Income	91.17	97.72	7.2 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.76	0.81	7.2 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	166.00	(2.7 %)	74.42	27.2 %	35.38	50.9 %	0.35
Q2 2005	152.77	9.3 %	59.58	8.3 %	24.28	27.7 %	0.24
Q3 2005	141.13	17.6 %	58.99	36.4 %	20.68	51.2 %	0.20
Q4 2005	189.00	24.2 %	78.09	34.8 %	15.80	69.2 %	0.16
2005	648.90	11.4 %	271.07	26.3 %	96.15	46.8 %	0.95
Q1 2006	194.37	17.1 %	91.95	23.6 %	37.65	6.4 %	0.37
Q2 2006	185.74	21.6 %	71.43	19.9 %	19.13	(21.2 %)	0.19
Q3 2006	156.57	10.9 %	64.50	9.4 %	23.80	15.1 %	0.23
Q4 2006	191.16	1.1 %	80.54	3.1 %	24.46	54.8 %	0.24
2006	727.84	12.2 %	308.42	13.8 %	105.04	9.2 %	1.03
Q1 2007	203.37	4.6 %	91.01	(1.0 %)	39.50	4.9 %	0.39
Q2 2007	209.28	12.7 %	66.46	(7.0 %)	22.57	18.0 %	0.22
Q3 2007	149.40	(4.6 %)	66.84	3.6 %	26.53	11.4 %	0.26
Q4 2007	235.70	23.3 %	102.31	27.0 %	33.28	36.1 %	0.33
2007	797.75	9.6 %	326.62	5.9 %	121.87	16.0 %	1.20
Q1 2008	220.58	8.5 %	99.57	9.4 %	40.93	3.6 %	0.40
Q2 2008	211.66	1.1 %	74.78	12.5 %	34.24	51.7 %	0.34
Q3 2008	145.45	(2.6 %)	74.34	11.2 %	15.62	(41.1 %)	0.15
Q4 2008	294.26	24.8 %	114.28	11.7 %	37.48	12.6 %	0.37
2008	871.94	9.3 %	362.97	11.1 %	128.27	5.2 %	1.26
Q1 2009	257.88	16.9 %	108.57	9.0 %	42.69	4.3 %	0.42
Q2 2009	229.00	8.2 %	81.53	9.0 %	37.81	10.4 %	0.37
Q3 2009	171.15	17.7 %	72.49	(2.5 %)	15.84	1.4 %	0.16
Q4 2009	292.71	(0.5 %)	157.00	37.4 %	58.48	56.0 %	0.58
2009	950.74	9.0 %	419.59	15.6 %	154.81	20.7 %	1.53
Q1 2010	274.33	6.4 %	118.90	9.5 %	45.32	6.2 %	0.38
Q2 2010	252.34	10.2 %	100.50	23.3 %	43.09	14.0 %	0.36
Q3 2010	191.40	11.8 %	85.88	18.5 %	18.07	14.1 %	0.15
Q4 2010	319.57	9.2 %	181.12	15.4 %	70.04	19.8 %	0.58
2010	1,037.64	9.1 %	486.40	15.9 %	176.52	14.0 %	1.47
Q1 2011	252.08	(8.1 %)	123.51	3.9 %	45.71	0.9 %	0.38
Q2 2011	292.08	15.7 %	123.61	23.0 %	60.75	41.0 %	0.51
Q3 2011	209.24	9.3 %	106.76	24.3 %	29.75	64.6 %	0.25
Q4 2011	375.82	17.6 %	206.69	14.1 %	74.06	5.7 %	0.62
2011	1,129.22	8.8 %	560.57	15.2 %	211.44	19.8 %	1.76
Q1 2012	303.14	20.3 %	153.21	24.0 %	56.45	23.5 %	0.47
Q2 2012	286.64	(1.9 %)	140.91	14.0 %	90.14	48.4 %	0.75
Q3 2012	227.40	8.7 %	113.28	6.1 %	32.33	8.7 %	0.27
Q4 2012	365.97	(2.6 %)	211.16	2.2 %	53.73	(27.5 %)	0.45
2012	1,183.15	4.8 %	618.56	10.3 %	232.65	10.0 %	1.94
Q1 2013	361.37	19.2 %	184.62	20.5 %	63.15	11.9 %	0.53
Q2 2013	344.22	20.1 %	179.12	27.1 %	113.71	26.1 %	0.95
Q3 2013	222.91	(2.0 %)	118.64	4.7 %	34.19	5.8 %	0.28
Q4 2013	382.01	4.4 %	226.14	7.1 %	57.01	6.1 %	0.48
2013	1,310.50	10.8 %	708.52	14.5 %	266.82	14.7 %	2.22
Q1 2014	405.21	12.1 %	206.72	12.0 %	91.17	44.4 %	0.76
Q2 2014	371.14	7.8 %	193.14	7.8 %	97.72	(14.1 %)	0.81

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2004	582.49	4.8 %	214.69	23.0 %	65.49	63.3 %	0.65
2005	648.90	11.4 %	271.07	26.3 %	96.15	46.8 %	0.95
2006	727.84	12.2 %	308.42	13.8 %	105.04	9.2 %	1.03
2007	797.75	9.6 %	326.62	5.9 %	121.87	16.0 %	1.20
2008	871.94	9.3 %	362.97	11.1 %	128.27	5.2 %	1.26
2009	950.74	9.0 %	419.59	15.6 %	154.81	20.7 %	1.53
2010	1,037.64	9.1 %	486.40	15.9 %	176.52	14.0 %	1.47
2011	1,129.22	8.8 %	560.57	15.2 %	211.44	19.8 %	1.76
2012	1,183.15	4.8 %	618.56	10.3 %	232.65	10.0 %	1.94
2013	1,310.50	10.8 %	708.52	14.5 %	266.82	14.7 %	2.22

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	39.90 %	16.36 %	13.40 %
Q2 2005	39.79 %	16.55 %	13.99 %
Q3 2005	40.99 %	17.10 %	14.65 %
Q4 2005	41.77 %	18.97 %	14.82 %
2005	41.77 %	18.97 %	14.82 %
Q1 2006	42.61 %	18.61 %	14.53 %
Q2 2006	42.30 %	18.33 %	13.13 %
Q3 2006	42.16 %	18.23 %	13.28 %
Q4 2006	42.37 %	17.65 %	14.43 %
2006	42.37 %	17.65 %	14.43 %
Q1 2007	41.73 %	17.98 %	14.51 %
Q2 2007	39.78 %	14.82 %	14.51 %
Q3 2007	40.47 %	15.48 %	15.01 %
Q4 2007	40.94 %	15.79 %	15.28 %
2007	40.94 %	15.79 %	15.28 %
Q1 2008	41.13 %	15.70 %	15.13 %
Q2 2008	42.03 %	16.67 %	16.57 %
Q3 2008	43.15 %	16.47 %	15.83 %
Q4 2008	41.63 %	16.30 %	15.25 %
2008	41.63 %	16.30 %	15.16 %
Q1 2009	40.91 %	16.13 %	14.83 %
Q2 2009	40.87 %	16.44 %	14.89 %
Q3 2009	39.57 %	15.73 %	14.07 %
Q4 2009	44.13 %	18.49 %	16.63 %
2009	44.13 %	18.49 %	16.63 %
Q1 2010	44.45 %	18.88 %	16.94 %
Q2 2010	45.32 %	18.93 %	17.07 %
Q3 2010	45.73 %	18.73 %	16.95 %
Q4 2010	46.88 %	18.85 %	17.32 %
2010	46.88 %	18.85 %	17.32 %
Q1 2011	48.36 %	18.99 %	17.42 %
Q2 2011	48.73 %	19.12 %	18.44 %
Q3 2011	49.86 %	19.99 %	19.22 %
Q4 2011	49.64 %	19.57 %	18.62 %
2011	49.64 %	19.65 %	18.72 %
Q1 2012	50.01 %	19.86 %	18.73 %
Q2 2012	51.72 %	20.36 %	21.31 %
Q3 2012	51.47 %	20.54 %	21.21 %
Q4 2012	52.28 %	19.56 %	19.66 %
2012	52.28 %	19.56 %	19.66 %
Q1 2013	52.36 %	19.26 %	19.28 %
Q2 2013	52.98 %	18.87 %	20.24 %
Q3 2013	53.58 %	18.66 %	20.45 %
Q4 2013	54.06 %	18.26 %	20.45 %
2013	54.06 %	18.16 %	20.36 %
Q1 2014	53.95 %	17.92 %	21.86 %
Q2 2014	53.91 %	17.74 %	20.28 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2004	36.86 %	14.75 %	11.24 %
2005	41.77 %	18.97 %	14.82 %
2006	42.37 %	17.65 %	14.43 %
2007	40.94 %	15.79 %	15.28 %
2008	41.63 %	16.30 %	15.16 %
2009	44.13 %	18.49 %	16.63 %
2010	46.88 %	18.85 %	17.32 %
2011	49.64 %	19.65 %	18.72 %
2012	52.28 %	19.56 %	19.66 %
2013	54.06 %	18.16 %	20.36 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	44.83 %	24.07 %	21.32 %
Q2 2005	39.00 %	16.81 %	15.90 %
Q3 2005	41.80 %	17.86 %	14.65 %
Q4 2005	41.31 %	17.05 %	8.36 %
Q1 2006	47.31 %	22.09 %	19.37 %
Q2 2006	38.46 %	16.07 %	10.30 %
Q3 2006	41.20 %	17.41 %	15.20 %
Q4 2006	42.13 %	14.88 %	12.80 %
Q1 2007	44.75 %	23.06 %	19.42 %
Q2 2007	31.76 %	4.83 %	10.79 %
Q3 2007	44.74 %	20.85 %	17.75 %
Q4 2007	43.41 %	16.03 %	14.12 %
Q1 2008	45.14 %	22.16 %	18.55 %
Q2 2008	35.33 %	8.71 %	16.39 %
Q3 2008	51.11 %	19.82 %	13.64 %
Q4 2008	38.84 %	15.63 %	12.74 %
Q1 2009	42.10 %	20.70 %	16.62 %
Q2 2009	35.60 %	10.54 %	16.51 %
Q3 2009	42.35 %	15.37 %	9.25 %
Q4 2009	53.64 %	24.60 %	21.04 %
Q1 2010	43.34 %	21.92 %	17.70 %
Q2 2010	39.83 %	11.52 %	17.08 %
Q3 2010	44.87 %	14.68 %	9.44 %
Q4 2010	56.68 %	24.50 %	21.92 %
Q1 2011	49.00 %	22.74 %	18.13 %
Q2 2011	42.32 %	13.00 %	20.80 %
Q3 2011	51.02 %	19.57 %	14.22 %
Q4 2011	55.00 %	22.56 %	19.71 %
Q1 2012	50.54 %	23.32 %	18.62 %
Q2 2012	49.16 %	14.95 %	31.45 %
Q3 2012	49.82 %	20.53 %	14.22 %
Q4 2012	57.70 %	19.47 %	14.68 %
Q1 2013	51.09 %	21.68 %	17.48 %
Q2 2013	52.04 %	14.20 %	33.03 %
Q3 2013	53.22 %	19.34 %	15.34 %
Q4 2013	59.20 %	18.05 %	14.92 %
Q1 2014	51.02 %	20.19 %	22.50 %
Q2 2014	52.04 %	13.80 %	26.33 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	101.51	0.76	0.76	18.03
Q2 2005	101.51	0.81	0.81	18.64
Q3 2005	101.51	0.88	0.88	20.02
Q4 2005	101.51	0.95	0.95	20.18
Q1 2006	101.51	0.97	0.97	25.43
Q2 2006	101.51	0.92	0.92	21.37
Q3 2006	101.51	0.95	0.95	27.26
Q4 2006	101.51	1.03	1.03	19.65
Q1 2007	101.51	1.05	1.05	19.84
Q2 2007	101.51	1.09	1.09	19.42
Q3 2007	101.51	1.11	1.11	21.04
Q4 2007	101.51	1.20	1.20	28.41
Q1 2008	101.51	1.21	1.21	26.83
Q2 2008	101.51	1.33	1.33	27.74
Q3 2008	101.51	1.22	1.27	21.88
Q4 2008	101.51	1.26	1.31	13.76
Q1 2009	101.51	1.28	1.33	14.17
Q2 2009	101.51	1.32	1.36	17.62
Q3 2009	101.51	1.32	1.32	19.72
Q4 2009	101.51	1.53	1.56	21.46
Q1 2010	120.00	1.31	1.36	22.04
Q2 2010	120.00	1.36	1.41	19.98
Q3 2010	120.00	1.37	1.43	21.69
Q4 2010	120.00	1.47	1.50	24.48
Q1 2011	120.00	1.47	1.47	25.41
Q2 2011	120.00	1.62	1.62	27.29
Q3 2011	120.00	1.72	1.72	25.92
Q4 2011	120.00	1.75	1.75	26.50
Q1 2012	120.00	1.84	1.84	30.26
Q2 2012	120.00	2.09	2.09	25.75
Q3 2012	120.00	2.11	2.11	26.24
Q4 2012	120.00	1.94	1.94	25.28
Q1 2013	120.00	1.99	1.99	27.18
Q2 2013	120.00	2.19	2.19	26.14
Q3 2013	120.00	2.21	2.21	27.35
Q4 2013	120.00	2.23	2.23	32.18
Q1 2014	120.00	2.47	2.47	32.96
Q2 2014	120.00	2.33	2.33	33.21

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2004	101.51	0.65	0.65	15.40
2005	101.51	0.95	0.95	20.18
2006	101.51	1.03	1.03	19.65
2007	101.51	1.20	1.20	28.41
2008	101.51	1.26	1.30	13.76
2009	101.51	1.53	1.56	21.46
2010	120.00	1.47	1.50	24.48
2011	120.00	1.76	1.76	26.50
2012	120.00	1.94	1.94	25.28
2013	120.00	2.22	2.22	32.18

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	More than 50	More than 50	2.75
Q2 2005	More than 50	More than 50	4.18
Q3 2005	More than 50	More than 50	4.20
Q4 2005	More than 50	More than 50	6.89
Q1 2006	More than 50	More than 50	4.07
Q2 2006	More than 50	More than 50	4.18
Q3 2006	More than 50	More than 50	3.10
Q4 2006	33.13	33.13	1.74
Q1 2007	30.19	30.19	1.60
Q2 2007	28.33	28.33	1.59
Q3 2007	28.70	28.70	1.52
Q4 2007	33.83	33.83	1.43
Q1 2008	27.68	27.68	1.25
Q2 2008	26.79	26.70	1.28
Q3 2008	20.49	19.74	1.14
Q4 2008	12.99	12.53	1.19
Q1 2009	14.92	14.39	1.35
Q2 2009	17.20	16.65	1.28
Q3 2009	18.29	18.26	1.22
Q4 2009	15.25	14.94	1.08
Q1 2010	16.69	16.04	0.99
Q2 2010	14.70	14.15	1.00
Q3 2010	14.64	14.10	0.93
Q4 2010	15.82	15.53	0.95
Q1 2011	17.65	17.65	1.02
Q2 2011	15.68	15.68	0.93
Q3 2011	14.41	14.41	0.96
Q4 2011	15.03	15.03	0.99
Q1 2012	17.92	17.92	1.09
Q2 2012	12.56	12.56	1.02
Q3 2012	13.70	13.70	1.10
Q4 2012	14.74	14.74	1.13
Q1 2013	13.60	13.60	1.00
Q2 2013	15.51	15.51	1.30
Q3 2013	15.70	15.70	1.27
Q4 2013	19.02	19.02	1.32
Q1 2014	19.07	19.07	1.43
Q2 2014	19.29	19.29	1.36

Period	P/E	Adjusted P/E	Price/book
2004	More than 50	More than 50	2.15
2005	More than 50	More than 50	6.89
2006	33.13	33.13	1.74
2007	33.83	33.83	1.43
2008	12.99	12.60	1.19
2009	15.25	14.94	1.08
2010	15.82	15.53	0.95
2011	14.95	14.95	0.99
2012	14.74	14.74	1.13
2013	19.11	19.11	1.32

Business Segments (Million)

Compared With The

Period	Medical & Pharmaceutical production segment
Q1 2005	166.00
Q2 2005	152.77
Q3 2005	141.13
Q4 2005	189.00
Q1 2006	194.37
Q2 2006	185.74
Q3 2006	156.57
Q4 2006	191.16
Q1 2007	203.37
Q2 2007	209.28
Q3 2007	149.40
Q4 2007	235.69
Q1 2008	220.58
Q2 2008	211.66
Q3 2008	145.45
Q4 2008	294.25
Q1 2009	257.88
Q2 2009	229.00
Q3 2009	171.15
Q4 2009	292.71
Q1 2010	274.33
Q2 2010	252.34
Q3 2010	191.41
Q4 2010	319.57
Q1 2011	252.08
Q2 2011	292.08
Q3 2011	209.24
Q4 2011	375.82
Q1 2012	303.14
Q2 2012	286.65
Q3 2012	227.40
Q4 2012	365.97
Q1 2013	361.37
Q2 2013	344.22
Q3 2013	222.91
Q4 2013	382.01
Q1 2014	405.21
Q2 2014	374.14

Period	Medical & Pharmaceutical production segment
2004	582.49
2005	648.90
2006	727.84
2007	797.75
2008	871.94
2009	950.74
2010	1,037.64
2011	1,129.22
2012	1,183.15
2013	1,310.50

Financial Ratios

	Current
Market Cap (M Riyal)	4,488.00
Enterprise Value (EV) (M)	5,502.21
Shares Outstanding ((M))	120.00
EPS ( Riyal) (TTM)	(0.27)
Book Value (BV) ( Riyal)	12.89
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	2.90
Return on Average Assets (%) (TTM)	(0.79 )
Return on Average Equity (%) (TTM)	(2.07 )

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Pharmaceutical posts higher net profit at SAR 188.9m in I2 of 2014

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Share Price

Saudi Pharmaceutical Industries and Medical Appliances Corp (SPIMACO)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (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) 2014 Q2

Financial Ratios

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Pharmaceutical posts higher net profit at SAR 188.9m in I2 of 2014

View other reports

Share Price

Saudi Pharmaceutical Industries and Medical Appliances Corp (SPIMACO)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2014

Revenue by Business Segment (Latest) 2014 Q2

Financial Ratios

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Business Segments (Million)