Riyadh –  The net profits of Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) enlarged by 278.77% yearly to SAR 67.80 million in the first nine months (9M) of 2024 from SAR 17.90 million.

The Saudi group posted revenues valued at SAR 1.29 billion in January-September 2024, down 1.90% from SAR 1.32 billion in 9M-23, according to the interim financial statements.

Earnings per share (EPS) increased year-on-year (YoY) to SAR 0.51 in 9M-24 from SAR 0.11.

Financials for Q3-24

In the third quarter (Q3) of 2024, SPIMACO recorded 85.78% YoY lower net losses at SAR 6.10 million, compared to SAR 42.90 million.

The revenues hiked by 17.29% to SAR 447 million in Q3-24 from SAR 381.10 million in Q3-23.

Quarterly, the company turned to net losses in Q3-24 when compared to net profits of SAR 34 million in Q2-24, while the revenues jumped by 19.71% from SAR 373.40 million.

Jerome Cabannes, CEO of SPIMACO, commented: “With the launch of high-potential products with differentiated technologies, we aim to solidify our market position, broaden our product portfolio, and drive returns. We are optimistic about the future and the opportunities that lie ahead.”

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