SPIMACO cuts 2023 losses to SAR 13.7M; Q4 at SAR 49.8M

31/03/2024 Argaam Exclusive

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) narrowed its 2023 net losses to SAR 13.7 million from SAR 165 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 1,421.81 1,653.08 16.3 %
Gross Income 567.00 708.10 24.9 %
Operating Income (108.05) 48.26 144.7 %
Net Income (165.14) (13.71) 91.7 %
Average Shares 120.00 120.00 -
EPS (Riyals) (1.38) (0.11) 91.7 %

Revenue increased by 16.3% (SAR 231.3 million) year-on-year (YoY) to SAR 1.65 billion on the back of strong growth in revenue from the sale of products as well as services.

 

Revenue from the sale of products grew by 15.9% YoY to SAR 1.47 billion due to an improved client mix, enhanced sales in both the private and government sectors, and a surge in product demand, capitalizing on the overall positive momentum in the Saudi pharmaceutical sector.

 

Concurrently, revenue from services reported strong annual growth of 19.7%, supported by robust performance from medical services.

 

Gross profit rose by 24.9% (SAR 141.1 million) YoY to SAR 708.1 million as revenue growth outpaced the 10.5% rise in cost of revenue, which clearly reflects the increased operational efficiency and successful cost management strategies initiated during the year. This translated to a 2023 gross profit margin of 42.8% versus 39.9% last year.

 

Selling, general, and administrative expenses fell by 2.8% (SAR 17.7 million) YoY to SAR 604.7 million. This reflects early gains from strategic optimizations within the sales and commercial teams, as well as cautious spending throughout the year.

 

Research and development (R&D) expenses dropped by 2.8% (SAR 1.2 million) to SAR 41.5 million on a higher base in 2022, which included SAR 6 million of written-off R&D costs. In addition, 2023 R&D expenses, including capitalized costs, reached 3.2% of revenue.

 

Net finance costs increased by 73.2% to SAR 73.2 million from SAR 42.3 million in 2022, predominantly due to higher prevailing interest rates in 2023 compared to last year.

 

Zakat and income tax expenses increased by SAR 19.3 million to SAR 45.2 million, which includes a SAR 21 million charge related to a Zakat assessment for prior years.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 364.83 330.64 (9.4 %)
Gross Income 137.92 101.70 (26.3 %)
Operating Income (70.95) (80.29) (13.2 %)
Net Income (106.76) (49.78) 53.4 %
Average Shares 120.00 120.00 -
EPS (Riyals) (0.89) (0.41) 53.4 %

The fourth-quarter net loss also declined by 53.4% to SAR 49.8 million from SAR 106.76 million in Q4 2022.

 

The company had posted a net loss of SAR 40.97 million for Q3 2023.

 

Shareholders’ equity, after minority interest, dropped to SAR 1.50 billion as of Dec. 31, 2023, from SAR 1.53 billion a year earlier.

View More Financial Results

 

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Share Price

Saudi Pharmaceutical Industries and Medical Appliances Corp.
31.10
(0.05) (0.16 %)

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)

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Financial Ratios
Current
Market Cap (M Riyal) 3,732.00
Enterprise Value (EV) (M) 5,001.60
Shares Outstanding ((M)) 120.00
EPS ( Riyal) (TTM) 0.10
Book Value (BV) ( Riyal) 12.27
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 2.53
Return on Average Assets (%) (TTM) 0.3
Return on Average Equity (%) (TTM) 0.8
more


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 405.21 12.1 % 206.72 12.0 % 76.05 7.7 %
Q2 2014 371.14 7.8 % 193.14 7.8 % 44.90 10.5 %
Q3 2014 266.02 19.3 % 134.45 13.3 % 31.26 (11.6 %)
Q4 2014 431.06 12.8 % 261.80 15.8 % 90.22 49.9 %
Q1 2015 432.20 6.7 % 225.86 9.3 % 91.35 20.1 %
Q2 2015 435.80 17.4 % 210.95 9.2 % 48.02 6.9 %
Q3 2015 308.27 15.9 % 131.32 (2.3 %) 24.69 (21.0 %)
Q4 2015 520.38 20.7 % 266.38 1.7 % 101.91 13.0 %
Q1 2016 322.20 (25.4 %) 194.26 (14.0 %) 53.22 (41.7 %)
Q2 2016 339.54 (22.1 %) 183.58 (13.0 %) 27.50 (42.7 %)
Q3 2016 257.21 (16.6 %) 140.54 7.0 % 9.14 (63.0 %)
Q4 2016 339.59 (34.7 %) 194.16 (27.1 %) 13.46 (86.8 %)
Q1 2017 393.10 22.0 % 212.58 9.4 % 50.03 (6.0 %)
Q2 2017 304.63 (10.3 %) 156.13 (15.0 %) 49.40 79.6 %
Q3 2017 277.62 7.9 % 128.68 (8.4 %) 8.30 (9.2 %)
Q4 2017 410.69 20.9 % 207.07 6.7 % 58.60 335.5 %
Q1 2018 390.79 (0.6 %) 197.32 (7.2 %) 67.66 35.2 %
Q2 2018 295.62 (3.0 %) 155.28 (0.5 %) 10.00 (79.8 %)
Q3 2018 224.95 (19.0 %) 137.89 7.2 % 3.59 (56.8 %)
Q4 2018 600.79 46.3 % 127.79 (38.3 %) (48.39) (182.6 %)
Q1 2019 444.80 13.8 % 152.43 (22.7 %) 16.97 (74.9 %)
Q2 2019 355.03 20.1 % 95.10 (38.8 %) (65.02) (750.4 %)
Q3 2019 342.69 52.3 % 170.82 23.9 % 46.71 1201.2 %
Q4 2019 344.32 (42.7 %) 79.28 (38.0 %) (78.77) (62.8 %)
Q1 2020 475.72 7.0 % 198.73 30.4 % 57.44 238.5 %
Q2 2020 328.14 (7.6 %) 150.49 58.2 % 12.82 119.7 %
Q3 2020 372.91 8.8 % 195.71 14.6 % 70.05 50.0 %
Q4 2020 378.52 9.9 % 145.55 83.6 % 2.91 103.7 %
Q1 2021 454.81 (4.4 %) 142.00 (28.5 %) 19.82 (65.5 %)
Q2 2021 325.96 (0.7 %) 173.50 15.3 % 29.91 133.3 %
Q3 2021 311.36 (16.5 %) 145.71 (25.5 %) 18.69 (73.3 %)
Q4 2021 367.67 (2.9 %) 159.50 9.6 % (13.76) (572.9 %)
Q1 2022 389.33 (14.4 %) 185.71 30.8 % 47.81 141.2 %
Q2 2022 310.62 (4.7 %) 120.18 (30.7 %) (45.26) (251.3 %)
Q3 2022 357.02 14.7 % 123.19 (15.5 %) (39.65) (312.1 %)
Q4 2022 364.83 (0.8 %) 137.92 (13.5 %) (70.95) (415.8 %)
Q1 2023 531.77 36.6 % 257.32 38.6 % 83.37 74.4 %
Q2 2023 408.06 31.4 % 183.85 53.0 % 27.64 161.1 %
Q3 2023 381.62 6.9 % 166.30 35.0 % (19.30) 51.3 %
Q4 2023 330.64 (9.4 %) 101.70 (26.3 %) (80.29) (13.2 %)
2023 1,653.08 16.3 % 708.10 24.9 % 48.26 144.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 91.17 44.4 % 0.76 - 91.17 0.76
Q2 2014 97.72 (14.1 %) 0.81 - 97.72 0.81
Q3 2014 36.69 7.3 % 0.31 - 36.69 0.31
Q4 2014 91.29 60.1 % 0.76 - 91.29 0.76
Q1 2015 99.39 9.0 % 0.83 - 99.39 0.83
Q2 2015 237.63 143.2 % 1.98 151.31 86.32 0.72
Q3 2015 29.16 (20.5 %) 0.24 - 29.16 0.24
Q4 2015 (9.12) (110.0 %) (0.08) (118.50) 109.38 0.91
Q1 2016 88.91 (10.5 %) 0.74 15.46 73.45 0.61
Q2 2016 39.61 (83.3 %) 0.33 - 39.61 0.33
Q3 2016 4.76 (83.7 %) 0.04 - 4.76 0.04
Q4 2016 143.48 1673.8 % 1.20 189.84 (46.36) (0.39)
Q1 2017 101.22 13.8 % 0.84 46.14 55.08 0.46
Q2 2017 46.56 17.5 % 0.39 - 46.56 0.39
Q3 2017 (17.03) (457.9 %) (0.14) - (17.03) (0.14)
Q4 2017 66.61 (53.6 %) 0.56 13.40 53.21 0.44
Q1 2018 55.23 (45.4 %) 0.46 - 55.23 0.46
Q2 2018 22.67 (51.3 %) 0.19 - 22.67 0.19
Q3 2018 (12.12) 28.8 % (0.10) - (12.12) (0.10)
Q4 2018 19.01 (71.5 %) 0.16 - 19.01 0.16
Q1 2019 (21.71) (139.3 %) (0.18) - (21.71) (0.18)
Q2 2019 (186.49) (922.8 %) (1.55) (108.90) (77.59) (0.65)
Q3 2019 28.11 332.0 % 0.23 - 28.11 0.23
Q4 2019 (259.65) (1466.1 %) (2.16) (130.02) (129.64) (1.08)
Q1 2020 45.60 310.1 % 0.38 - 45.60 0.38
Q2 2020 24.98 113.4 % 0.21 - 24.98 0.21
Q3 2020 67.41 139.8 % 0.56 - 67.41 0.56
Q4 2020 (13.20) 94.9 % (0.11) - (13.20) (0.11)
Q1 2021 26.15 (42.7 %) 0.22 - 26.15 0.22
Q2 2021 31.07 24.4 % 0.26 - 31.07 0.26
Q3 2021 7.40 (89.0 %) 0.06 - 7.40 0.06
Q4 2021 (38.15) (189.1 %) (0.32) - (38.15) (0.32)
Q1 2022 33.33 27.5 % 0.28 - 33.33 0.28
Q2 2022 (46.65) (250.2 %) (0.39) - (46.65) (0.39)
Q3 2022 (45.05) (709.1 %) (0.38) - (45.05) (0.38)
Q4 2022 (106.76) (179.8 %) (0.89) - (106.76) (0.89)
Q1 2023 54.75 64.3 % 0.46 - 54.75 0.46
Q2 2023 15.35 132.9 % 0.13 - 15.35 0.13
Q3 2023 (33.80) 25.0 % (0.28) (24.84) (8.96) (0.07)
Q4 2023 (49.78) 53.4 % (0.41) 6.44 (56.22) (0.47)
2023 (13.71) 91.7 % (0.11) (18.41) 4.70 0.04

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2021 41.30 % 12.43 % 6.86 %
Q2 2021 42.86 % 13.79 % 7.27 %
Q3 2021 41.26 % 10.94 % 3.50 %
Q4 2021 42.52 % 9.78 % 1.81 %
Q1 2022 47.65 % 12.35 % 2.41 %
Q2 2022 44.31 % 6.97 % (3.20 %)
Q3 2022 41.31 % 2.84 % (6.78 %)
Q4 2022 39.88 % (1.35 %) (11.61 %)
Q1 2023 40.83 % 0.94 % (9.19 %)
Q2 2023 42.26 % 5.14 % (4.92 %)
Q3 2023 44.20 % 6.34 % (2.71 %)
Q4 2023 42.92 % 5.45 % 0.30 %
2023 42.83 % 7.67 % 0.28 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2021 120.00 0.88 0.88 16.29
Q2 2021 120.00 0.93 0.93 15.54
Q3 2021 120.00 0.43 0.43 15.53
Q4 2021 120.00 0.22 0.22 15.31
Q1 2022 120.00 0.28 0.28 15.53
Q2 2022 120.00 (0.37) (0.37) 14.54
Q3 2022 120.00 (0.80) (0.80) 14.13
Q4 2022 120.00 (1.38) (1.38) 12.83
Q1 2023 120.00 (1.20) (1.20) 13.29
Q2 2023 120.00 (0.68) (0.68) 12.78
Q3 2023 120.00 (0.59) (0.38) 12.30
Q4 2023 120.00 (0.11) 0.04 11.93

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2021 46.94 46.94 2.53
Q2 2021 62.14 62.14 3.71
Q3 2021 More than 100 More than 100 3.00
Q4 2021 More than 100 More than 100 2.57
Q1 2022 More than 100 More than 100 2.40
Q2 2022 NEG NEG 1.79
Q3 2022 NEG NEG 1.85
Q4 2022 NEG NEG 1.70
Q1 2023 NEG NEG 1.79
Q2 2023 NEG NEG 2.98
Q3 2023 NEG NEG 2.87
Q4 2023 NEG More than 100 3.17

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 Other
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 - - - -
Q1 2021 407.34 20.92 26.29 0.25 - - - -
Q2 2021 314.20 27.04 - 2.98 - - - -
Q3 2021 276.02 28.96 0.06 6.32 - - - -
Q4 2021 336.97 26.95 - 6.42 - - - -
Q1 2022 354.53 30.22 4.44 0.14 - - - -
Q2 2022 244.52 27.85 38.40 - - - - -
Q3 2022 298.78 33.20 25.04 - - - - -
Q4 2022 (505.09) 38.04 831.88 - - - - -
Q1 2023 431.67 37.35 62.75 - - - - -
Q2 2023 288.00 38.90 82.85 - - - - -
Q3 2023 309.45 42.42 29.76 - - - - -
Q4 2023 210.02 42.73 77.90 - - - - -

Analysts Estimates (Million)

Item Q4 2023 (e) Q4 2023 (a) Change‬
Average (61.33) (49.78) 18.84 %

Estimates vs Actual (Million)

Item Q4 2023 (e) Q4 2023 (a) Change
Hermes (155.00) (49.78) 67.9 %
Al Rajhi Capital (20.00) (49.78) (148.9) %
United Securities Company (9.00) (49.78) (453.1) %

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