SPIMACO turns to net profit of SAR 109.5 mln in 2020

SPIMACO turns to net profit of SAR 109.5 mln in 2020

23/03/2021 Argaam Exclusive

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Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) reported a net profit after Zakat and tax of SAR 109.5 million for 2020 against a net loss of SAR 484 million last year.



Financials (M)

Item 2019 2020 Change‬
Revenues 1,486.85 1,555.29 4.6 %
Gross Income 497.64 690.48 38.8 %
Operating Income (80.10) 143.22 278.8 %
Net Income (439.74) 124.79 128.4 %
Average Shares 120.00 120.00 -
EPS (Riyals) (3.66) 1.04 128.4 %

The profit growth was driven by a 5% year-on-year (YoY) rise in sales revenue, amid better private sector sales, which was further supported by a 12% YoY decline in the cost of sales. Selling and marketing expenses decreased by SAR 34 million, or 10% YoY, with the impairment of trade receivables declining by SAR 94 million, or 98% YoY.

 

The company also reported lower finance costs and an increase of SAR 52 million in its profit share from associates and joint venture companies.

 

Moreover, some of the non-recurring expenses recorded in 2019 had a positive impact on 2020 performance, as these expenses included impairment of goodwill of SAR 137 million and financial guarantee expenses of SAR 108 million.

 

In Q4 2020, SPIMACO narrowed net losses by 90.6% to SAR 28.4 million, from SAR 303.95 million in prior-year period.

 

Shareholders’ equity, excluding minority interest, decreased by 1.4% YoY to SAR 1.915 billion in 2020.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 344.32 378.52 9.9 %
Gross Income 79.28 145.55 83.6 %
Operating Income (78.77) 2.91 103.7 %
Net Income (259.65) (13.20) 94.9 %
Average Shares 120.00 120.00 -
EPS (Riyals) (2.16) (0.11) 94.9 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2011 252.08 (8.1 %) 123.51 3.9 % 45.71 0.9 % 0.38
Q2 2011 292.08 15.7 % 123.61 23.0 % 60.75 41.0 % 0.51
Q3 2011 209.24 9.3 % 106.76 24.3 % 29.75 64.6 % 0.25
Q4 2011 375.82 17.6 % 206.69 14.1 % 74.06 5.7 % 0.62
Q1 2012 303.14 20.3 % 153.21 24.0 % 56.45 23.5 % 0.47
Q2 2012 286.64 (1.9 %) 140.91 14.0 % 90.14 48.4 % 0.75
Q3 2012 227.40 8.7 % 113.28 6.1 % 32.33 8.7 % 0.27
Q4 2012 365.97 (2.6 %) 211.16 2.2 % 53.73 (27.5 %) 0.45
Q1 2013 361.37 19.2 % 184.62 20.5 % 63.15 11.9 % 0.53
Q2 2013 344.22 20.1 % 179.12 27.1 % 113.71 26.1 % 0.95
Q3 2013 222.91 (2.0 %) 118.64 4.7 % 34.19 5.8 % 0.28
Q4 2013 382.01 4.4 % 226.14 7.1 % 57.01 6.1 % 0.48
Q1 2014 405.21 12.1 % 206.72 12.0 % 91.17 44.4 % 0.76
Q2 2014 371.14 7.8 % 193.14 7.8 % 97.72 (14.1 %) 0.81
Q3 2014 266.02 19.3 % 134.45 13.3 % 36.69 7.3 % 0.31
Q4 2014 431.06 12.8 % 261.80 15.8 % 91.29 60.1 % 0.76
Q1 2015 432.20 6.7 % 225.86 9.3 % 99.39 9.0 % 0.83
Q2 2015 435.80 17.4 % 210.95 9.2 % 237.63 143.2 % 1.98
Q3 2015 308.27 15.9 % 131.32 (2.3 %) 29.16 (20.5 %) 0.24
Q4 2015 520.38 20.7 % 266.38 1.7 % (9.12) (110.0 %) (0.08)
Q1 2016 322.20 (25.4 %) 194.26 (14.0 %) 88.91 (10.5 %) 0.74
Q2 2016 339.54 (22.1 %) 183.58 (13.0 %) 39.61 (83.3 %) 0.33
Q3 2016 257.21 (16.6 %) 140.54 7.0 % 4.76 (83.7 %) 0.04
Q4 2016 339.59 (34.7 %) 194.16 (27.1 %) 143.48 1673.8 % 1.20
Q1 2017 393.10 22.0 % 212.58 9.4 % 101.22 13.8 % 0.84
Q2 2017 304.63 (10.3 %) 156.13 (15.0 %) 46.56 17.5 % 0.39
Q3 2017 277.62 7.9 % 128.68 (8.4 %) (17.03) (457.9 %) (0.14)
Q4 2017 410.69 20.9 % 207.07 6.7 % 66.61 (53.6 %) 0.56
Q1 2018 390.79 (0.6 %) 197.32 (7.2 %) 55.23 (45.4 %) 0.46
Q2 2018 295.62 (3.0 %) 155.28 (0.5 %) 22.67 (51.3 %) 0.19
Q3 2018 224.95 (19.0 %) 137.89 7.2 % (12.12) 28.8 % (0.10)
Q4 2018 600.79 46.3 % 127.79 (38.3 %) 19.01 (71.5 %) 0.16
Q1 2019 444.80 13.8 % 152.43 (22.7 %) (21.71) (139.3 %) (0.18)
Q2 2019 355.03 20.1 % 95.10 (38.8 %) (186.49) (922.8 %) (1.55)
Q3 2019 342.69 52.3 % 170.82 23.9 % 28.11 332.0 % 0.23
Q4 2019 344.32 (42.7 %) 79.28 (38.0 %) (259.65) (1466.1 %) (2.16)
Q1 2020 475.72 7.0 % 198.73 30.4 % 45.60 310.1 % 0.38
Q2 2020 328.14 (7.6 %) 150.49 58.2 % 24.98 113.4 % 0.21
Q3 2020 372.91 8.8 % 195.71 14.6 % 67.41 139.8 % 0.56
Q4 2020 378.52 9.9 % 145.55 83.6 % (13.20) 94.9 % (0.11)
2020 1,555.29 4.6 % 690.48 38.8 % 124.79 128.4 % 1.04

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2011 48.36 % 18.99 % 17.42 %
Q2 2011 48.73 % 19.12 % 18.44 %
Q3 2011 49.86 % 19.99 % 19.22 %
Q4 2011 49.64 % 19.57 % 18.62 %
Q1 2012 50.01 % 19.86 % 18.73 %
Q2 2012 51.72 % 20.36 % 21.31 %
Q3 2012 51.47 % 20.54 % 21.21 %
Q4 2012 52.28 % 19.56 % 19.66 %
Q1 2013 52.36 % 19.26 % 19.28 %
Q2 2013 52.98 % 18.87 % 20.24 %
Q3 2013 53.58 % 18.66 % 20.45 %
Q4 2013 54.06 % 18.26 % 20.45 %
Q1 2014 53.95 % 17.92 % 21.86 %
Q2 2014 53.91 % 17.74 % 20.28 %
Q3 2014 53.39 % 16.79 % 19.84 %
Q4 2014 54.03 % 18.15 % 21.50 %
Q1 2015 54.34 % 18.90 % 21.67 %
Q2 2015 53.23 % 18.31 % 20.04 %
Q3 2015 51.63 % 17.40 % 19.05 %
Q4 2015 49.19 % 17.17 % 19.11 %
Q1 2016 50.60 % 15.90 % 18.80 %
Q2 2016 52.04 % 15.52 % 16.88 %
Q3 2016 54.52 % 15.09 % 15.79 %
Q4 2016 56.62 % 10.25 % 5.68 %
Q1 2017 54.97 % 9.67 % 3.99 %
Q2 2017 54.34 % 11.85 % 4.64 %
Q3 2017 52.59 % 11.94 % 2.91 %
Q4 2017 50.83 % 14.96 % 9.94 %
Q1 2018 49.81 % 16.45 % 9.97 %
Q2 2018 50.07 % 14.49 % 8.30 %
Q3 2018 52.76 % 15.07 % 9.00 %
Q4 2018 40.89 % 5.68 % 5.61 %
Q1 2019 36.61 % 2.64 % 0.50 %
Q2 2019 31.57 % (2.89 %) (5.68 %)
Q3 2019 31.33 % 0.66 % (2.99 %)
Q4 2019 33.47 % 1.46 % (13.51 %)
Q1 2020 35.84 % 4.49 % (8.80 %)
Q2 2020 40.20 % 10.74 % (2.08 %)
Q3 2020 41.04 % 11.13 % 0.55 %
Q4 2020 44.40 % 14.83 % 8.02 %
2020 44.40 % 14.83 % 8.02 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2011 120.00 1.47 1.47 25.41
Q2 2011 120.00 1.62 1.62 27.29
Q3 2011 120.00 1.72 1.72 25.92
Q4 2011 120.00 1.75 1.75 26.50
Q1 2012 120.00 1.84 1.84 30.26
Q2 2012 120.00 2.09 2.09 25.75
Q3 2012 120.00 2.11 2.11 26.24
Q4 2012 120.00 1.94 1.94 25.28
Q1 2013 120.00 1.99 1.99 27.18
Q2 2013 120.00 2.19 2.19 26.14
Q3 2013 120.00 2.21 2.21 27.35
Q4 2013 120.00 2.23 2.23 32.18
Q1 2014 120.00 2.47 2.47 32.96
Q2 2014 120.00 2.33 2.33 33.21
Q3 2014 120.00 2.35 2.35 35.74
Q4 2014 120.00 2.64 2.64 28.75
Q1 2015 120.00 2.71 2.71 27.84
Q2 2015 120.00 3.87 2.61 28.72
Q3 2015 120.00 3.81 2.55 24.87
Q4 2015 120.00 2.98 2.70 22.17
Q1 2016 120.00 2.89 2.49 20.84
Q2 2016 120.00 1.24 2.10 20.49
Q3 2016 120.00 1.03 1.89 20.40
Q4 2016 120.00 2.31 0.60 22.59
Q1 2017 120.00 2.41 0.44 23.27
Q2 2017 120.00 2.47 0.50 21.52
Q3 2017 120.00 2.29 0.32 22.01
Q4 2017 120.00 1.64 1.15 22.78
Q1 2018 120.00 1.26 1.15 25.04
Q2 2018 120.00 1.06 0.95 25.74
Q3 2018 120.00 1.10 0.99 24.32
Q4 2018 120.00 0.71 0.71 21.17
Q1 2019 120.00 0.07 0.07 22.80
Q2 2019 120.00 (1.68) (0.77) 19.63
Q3 2019 120.00 (1.34) (0.43) 18.36
Q4 2019 120.00 (3.66) (1.67) 16.20
Q1 2020 120.00 (3.10) (1.11) 14.14
Q2 2020 120.00 (1.34) (0.26) 14.67
Q3 2020 120.00 (1.01) 0.07 15.63
Q4 2020 120.00 1.04 1.04 15.96

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2011 17.65 17.65 1.02
Q2 2011 15.68 15.68 0.93
Q3 2011 14.41 14.41 0.96
Q4 2011 15.03 15.03 0.99
Q1 2012 17.92 17.92 1.09
Q2 2012 12.56 12.56 1.02
Q3 2012 13.70 13.70 1.10
Q4 2012 14.74 14.74 1.13
Q1 2013 13.60 13.60 1.00
Q2 2013 15.51 15.51 1.30
Q3 2013 15.70 15.70 1.27
Q4 2013 19.02 19.02 1.32
Q1 2014 19.07 19.07 1.43
Q2 2014 19.29 19.29 1.36
Q3 2014 21.41 21.41 1.41
Q4 2014 12.89 12.89 1.18
Q1 2015 14.78 14.78 1.44
Q2 2015 11.59 17.18 1.56
Q3 2015 9.46 14.14 1.45
Q4 2015 11.16 12.29 1.50
Q1 2016 11.15 12.96 1.55
Q2 2016 29.96 17.69 1.81
Q3 2016 30.18 16.49 1.53
Q4 2016 17.72 68.63 1.81
Q1 2017 15.03 81.82 1.56
Q2 2017 14.32 70.59 1.64
Q3 2017 14.43 More than 100 1.50
Q4 2017 18.25 26.14 1.32
Q1 2018 24.34 26.70 1.23
Q2 2018 30.03 33.56 1.24
Q3 2018 28.37 31.57 1.29
Q4 2018 41.61 41.61 1.39
Q1 2019 More than 100 More than 100 1.21
Q2 2019 NEG NEG 1.35
Q3 2019 NEG NEG 1.43
Q4 2019 NEG NEG 1.68
Q1 2020 NEG NEG 1.91
Q2 2020 NEG NEG 1.98
Q3 2020 NEG More than 100 2.34
Q4 2020 37.70 37.70 2.46

Business Segments (Million)

Compared With The
Period Pharmaceutical Manufacturing healthy services and other Trading & Distribution Services Contract manufacturing arrangements Medical & Pharmaceutical production segment Investment activity Eliminations
Q1 2011 - - - - 252.08 - -
Q2 2011 - - - - 292.08 - -
Q3 2011 - - - - 209.24 - -
Q4 2011 - - - - 375.82 - -
Q1 2012 - - - - 303.14 - -
Q2 2012 - - - - 286.65 - -
Q3 2012 - - - - 227.40 - -
Q4 2012 - - - - 365.97 - -
Q1 2013 - - - - 361.37 - -
Q2 2013 - - - - 344.22 - -
Q3 2013 - - - - 222.91 - -
Q4 2013 - - - - 382.01 - -
Q1 2014 - - - - 405.21 - -
Q2 2014 - - - - 374.14 - -
Q3 2014 - - - - 266.02 - -
Q4 2014 - - - - 427.82 - -
Q1 2015 - - - - 432.29 14.84 -
Q2 2015 - - - - 436.99 195.93 -
Q3 2015 - - - - 308.38 9.55 -
Q4 2015 - - - - 529.24 - -
Q1 2016 - - - - 513.97 25.27 -
Q2 2016 - - - - 494.92 9.41 -
Q3 2016 - - - - 100.39 6.23 -
Q4 2016 - - - - 401.35 247.84 -
Q1 2017 - - - - 446.00 50.90 (51.45)
Q2 2017 - - - - 350.01 1.39 (43.30)
Q3 2017 - - - - 317.29 4.01 (36.78)
Q4 2017 - - - - 486.15 - (54.74)
Q1 2018 - - - - 450.19 7.00 (57.49)
Q3 2018 172.41 34.26 1.75 16.54 - - -
Q1 2019 419.76 22.19 2.03 0.82 - - -
Q2 2019 334.00 19.00 0.91 1.12 - - -
Q3 2019 313.52 20.79 7.10 1.29 - - -
Q1 2020 449.65 22.39 1.55 2.13 - - -
Q2 2020 295.05 27.32 5.12 0.65 - - -
Q3 2020 348.38 22.04 0.75 1.74 - - -
Q4 2020 349.04 20.89 6.83 1.76 - - -

Current
Market Cap (M Riyal) 3,510.00
Enterprise Value (EV) (M) 4,591.48
Shares Outstanding ((M)) 120.00
EPS ( Riyal) (TTM) (0.27)
Book Value (BV) ( Riyal) 12.89
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.27
Return on Average Assets (%) (TTM) (0.76 )
Return on Average Equity (%) (TTM) (2.09 )

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)


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