Riyadh: Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) turned profitable at SAR 40.40 million in the first nine months (9M) of 2023, against net losses of SAR 67 million in 9M-22.

Revenues amounted to SAR 1.32 billion in 9M-23, up 25.11% year-on-year (YoY) from SAR 1.05 billion, according to the interim financial results.

Earnings per share (EPS) stood at SAR 0.30 in January-September 2023, compared to a loss per share of SAR 0.49 a year earlier.

Financials for Q3-23

During the third quarter (Q3) of 2023, the company incurred net losses after Zakat and tax worth SAR 38.40 million, lower by 16.34% than SAR 45.90 million in Q3-22.

The revenues grew by 6.89% to SAR 381.60 million in Q3-23 from SAR 357 million in the year-ago period.

On a quarterly basis, SPIMACO turned to net losses in Q3-23 against net profits amounting to SAR 22 million in Q2-23, while the revenues dropped by 6.63% from SAR 408.70 million.

Accumulated Losses

The listed firm registered accumulated losses totalling SAR 149.20 million as of 30 September 2023, accounting for 12.40% of the SAR 1.20 billion capital.

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