Riyadh – Mubasher: Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) shifted to net profits after Zakat and tax amounting to SAR 78.80 million in the first half (H1) of 2023.
The generated profits were against net losses valued at SAR 21.10 million in H1-22, according to the initial income statements.
Revenues hiked by 34.40% to SAR 940.80 million as of 30 June 2023 from SAR 700 million a year earlier.
The earnings per share (EPS) hit SAR 0.64 during the first six months (6M) of 2023, versus a loss per share of SAR 0.11 in 6M-22.
Financial Results for Q2-23
In the second quarter (Q2) of 2023, the company also turned profitable at SAR 22 million, compared to net losses worth SAR 51.80 million in Q2-22.
The Saudi firm posted revenues standing at SAR 408.70 million in the April-June 2023 period, an annual leap of 31.58% from SAR 310.60 million.
On a quarterly basis, the profits in Q2-23 plummeted by 61.27% from SAR 56.80 million in Q1-23, while the revenues shrank by 23.19% from SAR 532.10 million.
Accumulated Losses
The accumulated losses hit SAR 102.10 million as of 30 June 2023, accounting for 9% of the SAR 1.20 billion capital.
