Riyadh – Mubasher: Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) registered SAR 56.80 million in net profit after Zakat and tax during the first quarter (Q1) of 2023.
The recorded net profits were higher by 85.02% year-on-year (YoY) than SAR 30.70 million, according to the initial income statements.
Revenues increased by 36.68% to SAR 532.10 million during January-March 2023, compared to SAR 389.30 million in the year-ago period.
The earnings per share (EPS) hiked to SAR 0.46 in Q1-23 from SAR 0.28 in Q1-22.
On a quarterly basis, SPIMACO turned profitable in Q1-23 against net losses after Zakat and tax valued at SAR 104.20 million in Q4-22, while the revenues climbed by 44.04% from SAR 369.40 million.
Khaled Al Khattaf, CEO of SPIMACO, mentioned: “As we close out the Q1 of 2023, it is with a sense of measured optimism that we report the early results of our strategic refocus, initiated back in 2022.”
“Our quarterly results highlight a healthy trend: double-digit growth in revenue, supported by an improved sales mix and increased productivity across our facilities, outstripping the expansion of costs,” Al Khattaf highlighted.
He concluded: “This underscores our commitment to maintaining stringent control over our expenditures.”
Last year, the company shifted to net losses after Zakat and tax valued at SAR 171.20 million, compared to net profits worth SAR 18.10 million in 2021.
