Saudi Spimaco to complete pharmaceuticals plant by end of Q2-2016

Saudi Pharmaceutical Industries and Medical Appliances Corp. (Spimaco) expects to complete a pharmaceuticals plant owned by its subsidiary Dammam Pharma by the end of second quarter 2016, the company said in a reporton Sunday.

Dammam Pharma is 65 percent-owned by Spimaco and 20 percent-owned by Arak Healthcare, Spimaco’s wholly-owned marketing and distribution arm.

The pharmaceuticals manufacturer is expanding its plant in Saudi Arabia’s Al Qassim region to increase production capacity this year.

Spimaco also added that it’s restructuring Ibn Rushd, in which it has a 4.2 percent stake, to reverse losses.

Profit surged 19 percent last year to SAR 317 million, or SAR 2.64 a share, on higher sales, cutting costs and higher dividends from its investments in other companies.

Spimaco currently owns stakes in leading petrochemical companies across the kingdom, Yansab, Ibn Rushd, and Saudi Industrial Investment Group (SIIG).

The company produces several international pharmaceutical products under licenses, as well as generic drugs.