SPIMACO Q1 2024 profit falls 35% to SAR 35.6M

SPIMACO Q1 2024 profit falls 35% to SAR 35.6M

16/05/2024 Argaam Exclusive

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Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) reported a net profit fall of 35% to SAR 35.6 million (after minority interest) in Q1 2024, compared to SAR 54.8 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 531.77 475.40 (10.6 %)
Gross Income 257.32 252.22 (2.0 %)
Operating Income 83.37 76.61 (8.1 %)
Net Income 54.75 35.61 (35.0 %)
Average Shares 120.00 120.00 -
EPS (Riyals) 0.46 0.30 (35.0 %)

The profit drop came as the first-quarter revenue fell 10.6% (SAR 56.4 million) year-on-year (YoY) to SAR 475.4 million, on the back of weaker revenues from product sales, while those generated from services came in relatively stable.

 

Gross profit dropped by 2.0% (SAR 5.1 million) YoY to SAR 252.2 million in Q1 2024.

 

Selling, general and administrative expenses declined 8.7% YoY to SAR 147.6 million during the three-month period. Meanwhile, research and development expenses climbed 36.8% YoY to SAR 17.3 million on increased lab and employee expenses.

 

On a sequential basis, the company turned profitable from a loss of SAR 49.78 million in Q4 2023.

 

Shareholders’ equity, after minority interest, dropped to SAR 1.54 billion by March 31, 2024, from SAR 1.59 billion a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2015 432.20 6.7 % 225.86 9.3 % 99.39 9.0 % 0.83
Q2 2015 435.80 17.4 % 210.95 9.2 % 237.63 143.2 % 1.98
Q3 2015 308.27 15.9 % 131.32 (2.3 %) 29.16 (20.5 %) 0.24
Q4 2015 520.38 20.7 % 266.38 1.7 % (9.12) (110.0 %) (0.08)
Q1 2016 322.20 (25.4 %) 194.26 (14.0 %) 88.91 (10.5 %) 0.74
Q2 2016 339.54 (22.1 %) 183.58 (13.0 %) 39.61 (83.3 %) 0.33
Q3 2016 257.21 (16.6 %) 140.54 7.0 % 4.76 (83.7 %) 0.04
Q4 2016 339.59 (34.7 %) 194.16 (27.1 %) 143.48 1673.8 % 1.20
Q1 2017 393.10 22.0 % 212.58 9.4 % 101.22 13.8 % 0.84
Q2 2017 304.63 (10.3 %) 156.13 (15.0 %) 46.56 17.5 % 0.39
Q3 2017 277.62 7.9 % 128.68 (8.4 %) (17.03) (457.9 %) (0.14)
Q4 2017 410.69 20.9 % 207.07 6.7 % 66.61 (53.6 %) 0.56
Q1 2018 390.79 (0.6 %) 197.32 (7.2 %) 55.23 (45.4 %) 0.46
Q2 2018 295.62 (3.0 %) 155.28 (0.5 %) 22.67 (51.3 %) 0.19
Q3 2018 224.95 (19.0 %) 137.89 7.2 % (12.12) 28.8 % (0.10)
Q4 2018 600.79 46.3 % 127.79 (38.3 %) 19.01 (71.5 %) 0.16
Q1 2019 444.80 13.8 % 152.43 (22.7 %) (21.71) (139.3 %) (0.18)
Q2 2019 355.03 20.1 % 95.10 (38.8 %) (186.49) (922.8 %) (1.55)
Q3 2019 342.69 52.3 % 170.82 23.9 % 28.11 332.0 % 0.23
Q4 2019 344.32 (42.7 %) 79.28 (38.0 %) (259.65) (1466.1 %) (2.16)
Q1 2020 475.72 7.0 % 198.73 30.4 % 45.60 310.1 % 0.38
Q2 2020 328.14 (7.6 %) 150.49 58.2 % 24.98 113.4 % 0.21
Q3 2020 372.91 8.8 % 195.71 14.6 % 67.41 139.8 % 0.56
Q4 2020 378.52 9.9 % 145.55 83.6 % (13.20) 94.9 % (0.11)
Q1 2021 454.81 (4.4 %) 142.00 (28.5 %) 26.15 (42.7 %) 0.22
Q2 2021 325.96 (0.7 %) 173.50 15.3 % 31.07 24.4 % 0.26
Q3 2021 311.36 (16.5 %) 145.71 (25.5 %) 7.40 (89.0 %) 0.06
Q4 2021 367.67 (2.9 %) 159.50 9.6 % (38.15) (189.1 %) (0.32)
Q1 2022 389.33 (14.4 %) 185.71 30.8 % 33.33 27.5 % 0.28
Q2 2022 310.62 (4.7 %) 120.18 (30.7 %) (46.65) (250.2 %) (0.39)
Q3 2022 357.02 14.7 % 123.19 (15.5 %) (45.05) (709.1 %) (0.38)
Q4 2022 364.83 (0.8 %) 137.92 (13.5 %) (106.76) (179.8 %) (0.89)
Q1 2023 531.77 36.6 % 257.32 38.6 % 54.75 64.3 % 0.46
Q2 2023 408.72 31.6 % 183.49 52.7 % 22.29 147.8 % 0.19
Q3 2023 381.62 6.9 % 165.98 34.7 % (40.97) 9.1 % (0.34)
Q4 2023 330.64 (9.4 %) 101.70 (26.3 %) (49.78) 53.4 % (0.41)
Q1 2024 475.40 (10.6 %) 252.22 (2.0 %) 35.61 (35.0 %) 0.30

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 42.22 % 5.64 % (4.50 %)
Q3 2023 44.15 % 8.57 % (2.72 %)
Q4 2023 42.87 % 7.72 % 0.28 %
Q1 2024 44.06 % 7.50 % (0.90 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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 (0.62) (0.62) 13.36
Q3 2023 120.00 (0.59) (0.38) 12.91
Q4 2023 120.00 (0.11) 0.04 12.56
Q1 2024 120.00 (0.27) (0.12) 12.89

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 2.85
Q3 2023 NEG NEG 2.73
Q4 2023 NEG More than 100 3.01
Q1 2024 NEG NEG 2.75

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 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 - - - - -
Q1 2024 391.31 43.60 40.50 - - - - -

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 73.00 35.61 (51.2 %)

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
Al Rajhi Capital 73.00 35.61 (51.2) %

Current
Market Cap (M Riyal) 3,516.00
Enterprise Value (EV) (M) 4,597.48
Shares Outstanding ((M)) 120.00
EPS ( Riyal) (TTM) (0.27)
Book Value (BV) ( Riyal) 12.89
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.27
Return on Average Assets (%) (TTM) (0.76 )
Return on Average Equity (%) (TTM) (2.09 )

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)


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