Riyadh – Mubasher: The Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) shifted to net losses after Zakat and tax worth SAR 67 million in the first nine months (9M) of 2022.
The Tadawul-listed firm’s negative results in 9M-22 were against net profits of SAR 60.03 million in the year-ago period, according to the initial income statements.
Revenues declined by 3.22% year-on-year (YoY) to SAR 1.05 billion in the January-September 2022 period, compared to SAR 1.09 billion.
Additionally, the loss per share stood at SAR 0.49 in 9M-22, versus earnings per share (EPS) of SAR 0.54 during the same period a year earlier.
In the third quarter (Q3) of 2022, SPIMACO turned to net losses after Zakat and tax to SAR 45.90 million, compared to net profits after Zakat and tax of SAR 6.39 million in Q3-21.
Furthermore, the Q3-22 revenues grew by 14.66% YoY to SAR 357.02 million from SAR 311.36 million.
On a quarterly basis, the Q3-22 net losses after Zakat and tax plummeted by 11.34% from SAR 51.77 million in Q2-22, whereas the revenues increased by 14.94% from SAR 310.62 million.
In 6M-22, the company turned to net losses worth SAR 21.10 million, versus a net profit of SAR 53.63 million during the same period in the previous year.
