SPIMACO turns to SAR 58.8 mln net loss in 9M 2022, Q3 at SAR 45.5 mln

SPIMACO turns to SAR 58.8 mln net loss in 9M 2022, Q3 at SAR 45.5 mln

06/11/2022 Argaam Exclusive

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Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) swung to a net loss after Zakat and tax of SAR 58.8 million in the first nine months of 2022, from a profit of 64.6 million in the same period last year.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 1,092.12 1,056.98 (3.2 %)
Gross Income 461.21 429.08 (7.0 %)
Operating Income 68.42 (37.10) (154.2 %)
Net Income 64.61 (58.38) (190.4 %)
Average Shares 120.00 120.00 -
EPS (Riyals) 0.54 (0.49) (190.4 %)

The company said sales revenue declined 3.22 YoY, along with the repricing of some products by the Saudi Food and Drug Authority (SFDA). In addition, lower sales of one of the licensor products negatively impacted revenues.

 

The earnings were also weighed down by decreases in gross profit by 6.97% YoY and operating profit by 150% YoY, as selling, marketing, general and administrative expenses went up.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 311.36 357.02 14.7 %
Gross Income 145.71 123.19 (15.5 %)
Operating Income 18.69 (39.65) (312.1 %)
Net Income 7.40 (45.05) (709.1 %)
Average Shares 120.00 120.00 -
EPS (Riyals) 0.06 (0.38) (709.1 %)

The company turned to a net loss of SAR 45.5 million in Q3 2022, from a profit of SAR 7.4 million in Q3 2021.

 

On a sequential basis, net profit rose 12.2% from SAR 51.77 million in Q2 2021.

 

Shareholders’ equity, after minority interest, dropped to SAR 1.744 billion as of Sept. 30, 2022, from SAR 1.863 billion a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
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 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
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)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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

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 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 - - - -
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 - - - - -

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

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)


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