SPIMACO turns to SAR 45.6 mln profit in Q1 2020

SPIMACO turns to SAR 45.6 mln profit in Q1 2020

17/06/2020 Argaam Exclusive

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Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) reported a net profit after Zakat and tax of SAR 45.6 million for Q1 2020, against a net loss of SAR 21.6 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 444.80 475.72 7.0 %
Gross Income 152.43 198.73 30.4 %
Operating Income 16.97 57.44 238.5 %
Net Income (21.71) 45.60 310.1 %
Average Shares 120.00 120.00 -
EPS (Riyals) (0.18) 0.38 310.1 %

The positive performance was driven by a 7.78% rise year-on-year in revenue, a decline in the cost of goods sold amid better sales mix, an increase in produced units and lower production costs.

 

The company turned profitable from a net loss of SAR 303.3 million in Q4 2019, backed by a decline in the cost of goods sold amid better sales mix, an increase in produced units and lower production costs.

 

SPIMACO’s accumulated losses stood at SAR 246.29 million by the end of Q1 2020, accounting for 20.52% of capital.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2011 252.08 (8.1 %) 123.51 3.9 % 49.79 (6.0 %)
Q2 2011 292.08 15.7 % 123.61 23.0 % 30.59 42.3 %
Q3 2011 209.24 9.3 % 106.76 24.3 % 33.19 60.5 %
Q4 2011 375.82 17.6 % 206.69 14.1 % 76.86 8.7 %
Q1 2012 303.14 20.3 % 153.21 24.0 % 63.10 26.7 %
Q2 2012 286.64 (1.9 %) 140.91 14.0 % 34.78 13.7 %
Q3 2012 227.40 8.7 % 113.28 6.1 % 39.61 19.3 %
Q4 2012 365.97 (2.6 %) 211.16 2.2 % 63.57 (17.3 %)
Q1 2013 361.37 19.2 % 184.62 20.5 % 70.64 11.9 %
Q2 2013 344.22 20.1 % 179.12 27.1 % 40.64 16.8 %
Q3 2013 222.91 (2.0 %) 118.64 4.7 % 35.37 (10.7 %)
Q4 2013 382.01 4.4 % 226.14 7.1 % 60.19 (5.3 %)
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 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2011 45.71 0.9 % 0.38 - 45.71 0.38
Q2 2011 60.75 41.0 % 0.51 - 60.75 0.51
Q3 2011 29.75 64.6 % 0.25 - 29.75 0.25
Q4 2011 74.06 5.7 % 0.62 - 74.06 0.62
Q1 2012 56.45 23.5 % 0.47 - 56.45 0.47
Q2 2012 90.14 48.4 % 0.75 - 90.14 0.75
Q3 2012 32.33 8.7 % 0.27 - 32.33 0.27
Q4 2012 53.73 (27.5 %) 0.45 - 53.73 0.45
Q1 2013 63.15 11.9 % 0.53 - 63.15 0.53
Q2 2013 113.71 26.1 % 0.95 - 113.71 0.95
Q3 2013 34.19 5.8 % 0.28 - 34.19 0.28
Q4 2013 57.01 6.1 % 0.48 - 57.01 0.48
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

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 %)


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

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

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 - - -


Financial Ratios
Current
Market Cap (M Riyal) 3,570.00
Enterprise Value (EV) (M) 4,839.60
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 2.42
Return on Average Assets (%) (TTM) 0.3
Return on Average Equity (%) (TTM) 0.8
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Share Price

Saudi Pharmaceutical Industries and Medical Appliances Corp.
29.75
(0.85) (2.78 %)

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)

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