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

31/03/2024 Argaam Exclusive

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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 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	381.62	330.64	(13.4 %)
Gross Income	166.30	101.70	(38.8 %)
Operating Income	(19.30)	(80.29)	(316.0 %)
Net Income	(33.80)	(49.78)	(47.3 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	(0.28)	(0.41)	(47.3 %)

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.

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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 %
2014	1,470.19	12.2 %	794.54	12.1 %	241.94	17.7 %
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 %
2015	1,705.05	16.0 %	848.60	6.8 %	262.04	8.3 %
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 %)
2016	1,258.55	(26.2 %)	712.54	(16.0 %)	103.32	(60.6 %)
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 %
2017	1,386.04	10.1 %	704.46	(1.1 %)	166.33	61.0 %
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 %)
2018	1,503.32	8.5 %	608.52	(13.6 %)	21.00	(87.4 %)
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 %)
2019	1,486.85	(1.1 %)	497.64	(18.2 %)	(80.10)	(481.5 %)
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 %
2020	1,555.29	4.6 %	690.48	38.8 %	143.22	278.8 %
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 %)
2021	1,459.78	(6.1 %)	620.71	(10.1 %)	54.67	(61.8 %)
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 %)
2022	1,421.81	(2.6 %)	567.00	(8.7 %)	(108.05)	(297.7 %)
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 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	1,470.19	12.2 %	794.54	12.1 %	241.94	17.7 %
2015	1,705.05	16.0 %	848.60	6.8 %	262.04	8.3 %
2016	1,258.55	(26.2 %)	712.54	(16.0 %)	103.32	(60.6 %)
2017	1,386.04	10.1 %	704.46	(1.1 %)	166.33	61.0 %
2018	1,503.32	8.5 %	608.52	(13.6 %)	21.00	(87.4 %)
2019	1,486.85	(1.1 %)	497.64	(18.2 %)	(80.10)	(481.5 %)
2020	1,555.29	4.6 %	690.48	38.8 %	143.22	278.8 %
2021	1,459.78	(6.1 %)	620.71	(10.1 %)	54.67	(61.8 %)
2022	1,421.81	(2.6 %)	567.00	(8.7 %)	(108.05)	(297.7 %)
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
2014	316.85	18.8 %	2.64	-	316.85	2.64
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
2015	357.05	12.7 %	2.98	32.81	324.25	2.70
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)
2016	276.76	(22.5 %)	2.31	205.30	71.46	0.60
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
2017	197.37	(28.7 %)	1.64	59.54	137.83	1.15
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
2018	76.58	(61.2 %)	0.64	-	76.58	0.64
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)
2019	(439.74)	(674.2 %)	(3.66)	(238.92)	(200.83)	(1.67)
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)
2020	124.79	128.4 %	1.04	-	124.79	1.04
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)
2021	26.45	(78.8 %)	0.22	-	26.45	0.22
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)
2022	(165.14)	(724.2 %)	(1.38)	-	(165.14)	(1.38)
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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	316.85	18.8 %	2.64	-	316.85	2.64
2015	357.05	12.7 %	2.98	32.81	324.25	2.70
2016	276.76	(22.5 %)	2.31	205.30	71.46	0.60
2017	197.37	(28.7 %)	1.64	59.54	137.83	1.15
2018	76.58	(61.2 %)	0.64	-	76.58	0.64
2019	(439.74)	(674.2 %)	(3.66)	(238.92)	(200.83)	(1.67)
2020	124.79	128.4 %	1.04	-	124.79	1.04
2021	26.45	(78.8 %)	0.22	-	26.45	0.22
2022	(165.14)	(724.2 %)	(1.38)	-	(165.14)	(1.38)
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 %
2014	54.04 %	18.15 %	21.55 %
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 %
2015	49.77 %	16.85 %	19.02 %
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 %
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 %
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 %
2018	40.48 %	4.92 %	5.09 %
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 %)
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 %
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 %
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 %)
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	54.04 %	18.15 %	21.55 %
2015	49.77 %	16.85 %	19.02 %
2016	56.62 %	10.25 %	5.68 %
2017	50.83 %	14.96 %	9.94 %
2018	40.48 %	4.92 %	5.09 %
2019	33.47 %	1.46 %	(13.51 %)
2020	44.40 %	14.83 %	8.02 %
2021	42.52 %	9.78 %	1.81 %
2022	39.88 %	(1.35 %)	(11.61 %)
2023	42.83 %	7.67 %	0.28 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	51.02 %	20.19 %	22.50 %
Q2 2014	52.04 %	13.80 %	26.33 %
Q3 2014	50.54 %	13.97 %	13.79 %
Q4 2014	60.73 %	22.54 %	21.18 %
Q1 2015	52.26 %	22.70 %	23.00 %
Q2 2015	48.40 %	12.42 %	19.81 %
Q3 2015	42.60 %	9.85 %	9.46 %
Q4 2015	51.19 %	20.88 %	21.02 %
Q1 2016	60.29 %	18.36 %	22.80 %
Q2 2016	54.07 %	9.77 %	11.67 %
Q3 2016	54.64 %	6.30 %	1.85 %
Q4 2016	57.18 %	6.04 %	(13.65 %)
Q1 2017	54.08 %	14.94 %	14.01 %
Q2 2017	51.25 %	19.02 %	15.29 %
Q3 2017	46.35 %	7.17 %	(6.13 %)
Q4 2017	50.42 %	17.25 %	12.96 %
Q1 2018	50.49 %	20.19 %	14.13 %
Q2 2018	52.53 %	9.98 %	7.67 %
Q3 2018	61.30 %	8.88 %	(5.39 %)
Q4 2018	21.27 %	(7.08 %)	3.16 %
Q1 2019	34.27 %	7.75 %	(4.88 %)
Q2 2019	26.79 %	(16.60 %)	(21.86 %)
Q3 2019	49.85 %	22.90 %	8.20 %
Q4 2019	23.03 %	(9.36 %)	(37.65 %)
Q1 2020	41.77 %	16.99 %	9.59 %
Q2 2020	45.86 %	10.09 %	7.61 %
Q3 2020	52.48 %	23.49 %	18.08 %
Q4 2020	38.45 %	7.68 %	(3.49 %)
Q1 2021	31.22 %	9.00 %	5.75 %
Q2 2021	53.23 %	16.47 %	9.53 %
Q3 2021	46.80 %	11.95 %	2.38 %
Q4 2021	43.38 %	2.98 %	(10.38 %)
Q1 2022	47.70 %	18.06 %	8.56 %
Q2 2022	38.69 %	(7.20 %)	(15.02 %)
Q3 2022	34.51 %	(5.17 %)	(12.62 %)
Q4 2022	37.80 %	(13.36 %)	(29.26 %)
Q1 2023	48.39 %	19.62 %	10.29 %
Q2 2023	45.05 %	11.83 %	3.76 %
Q3 2023	43.58 %	0.79 %	(2.35 %)
Q4 2023	30.76 %	(19.86 %)	(17.00 %)

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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	120.00	2.64	2.64	28.75
2015	120.00	2.98	2.70	22.17
2016	120.00	2.31	0.60	22.59
2017	120.00	1.64	1.15	22.78
2018	120.00	0.64	0.64	21.17
2019	120.00	(3.66)	(1.67)	16.20
2020	120.00	1.04	1.04	15.96
2021	120.00	0.22	0.22	15.31
2022	120.00	(1.38)	(1.38)	12.83
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

Period	P/E	Adjusted P/E	Price/book
2014	12.89	12.89	1.18
2015	11.16	12.29	1.50
2016	17.72	68.63	1.81
2017	18.25	26.14	1.32
2018	46.07	46.07	1.39
2019	NEG	NEG	1.68
2020	37.70	37.70	2.46
2021	More than 100	More than 100	2.57
2022	NEG	NEG	1.70
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	-	-	-	-	-

Period	Pharmaceutical Manufacturing	healthy services and other	Trading & Distribution Services	Contract manufacturing arrangements	Medical & Pharmaceutical production segment	Investment activity	Eliminations	Other
2014	-	-	-	-	1,470.19	-	-	-
2015	-	-	-	-	1,706.80	115.14	-	-
2016	-	-	-	-	1,510.63	288.74	(244.41)	-
2017	-	-	-	-	1,599.45	61.92	(186.28)	-
2018	1,414.72	78.37	5.02	5.22	-	-	-	-
2019	1,397.28	77.87	5.93	5.76	-	-	-	-
2020	1,442.13	92.64	14.25	6.27	-	-	-	-
2021	1,334.53	103.88	5.41	15.97	-	-	-	-
2022	392.74	129.31	899.76	-	-	-	-	4.72
2023	1,294.36	161.39	197.33	-	-	-	-	2.36

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) %

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

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)

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

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Financials (M)

Current Quarter Comparison (M)

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Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)

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

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)

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Business Segments (Million)