SPIMACO’s profit grows to SAR 61.2M in 9M 2024; SAR 7.5M loss in Q3

11/11/2024 Argaam Exclusive

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Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) reported a net profit rise to SAR 61.2 million (after minority interest) in the first nine months of 2024, compared to SAR 13.2 million in the prior-year period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	1,320.90	1,295.80	(1.9 %)
Gross Income	607.50	646.30	6.4 %
Operating Income	70.20	125.80	79.2 %
Net Income	13.20	61.20	363.6 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.11	0.51	363.6 %

The nine-month profit growth was triggered by a 2% year-on-year (YoY) decline in selling, general and administrative expenses (SG&A) to SAR 438 million on cost control and operating efficiency.

Other expenses fell by 93% YoY to SAR 3 million on a provision reversal. Finance costs (FCs) also declined 1% YoY to SAR 50.6 million in the nine-month period.

On the other hand, SPIMACO’s topline decreased 2% on an annual basis to SAR 1.29 billion on lower revenue from some affiliates and the suspension of some contracts.

Operating income jumped 79% YoY to SAR 125.8 million. Similarly, research and development costs (R&D) climbed 40% YoY to SAR 12.3 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	381.62	447.00	17.1 %
Gross Income	166.30	216.60	30.2 %
Operating Income	(19.30)	32.20	266.8 %
Net Income	(33.80)	(7.53)	77.7 %
Average Shares	120.00	120.00	-
EPS (Riyals)	(0.28)	(0.06)	77.7 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	373.38	447.00	19.7 %
Gross Income	177.40	216.60	22.1 %
Operating Income	35.90	32.20	(10.3 %)
Net Income	33.11	(7.53)	(122.7 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.28	(0.06)	(122.7 %)

In the third quarter of 2024, the company cut net losses by 77.7% to SAR 7.5 million, from SAR 33.8 million in Q3 2023, thanks to a 17% YoY rise in revenue to SAR 447 million.

Gross profit jumped 30% YoY to SAR 216.6 million. The company recorded SAR 32.2 million operating income, against an operating loss of SAR 19.3 million in Q3 2023. FCs also declined by 3% YoY to SAR 23.4 million.

SPIMACO turned to losses from a net income of SAR 33.1 million in Q2 2024.

On the other hand, SG&A rose 11% YoY, with R&D costs jumping 73% annually. Zakat and tax charges also increased by 290% YoY to SAR 17 million.

SPIMACO turned to losses from a net income of SAR 33.1 million in Q2 2024. SG&A rose 34% quarter-on-quarter (QoQ). Operating income also declined to SAR 32.2 million from SAR 36 million in Q2 2024.

Total shareholders’ equity, after minority interest, saw a slight decline to SAR 1.472 billion as of Sept. 30, 2024, from SAR 1.475 billion a year earlier.

Accumulated losses came in at SAR 31 million by the end of the nine-month period, representing 2.6% of the company's capital.

Before minority interest, SPIMACO’s net income reached SAR 67.8 million, compared to SAR 17.9 million in 9M 2023.

Attached Document:

View more financial results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
Q1 2024	475.40	(10.6 %)	252.22	(2.0 %)	76.61	(8.1 %)
Q2 2024	373.38	(8.5 %)	177.40	(3.5 %)	35.90	29.9 %
Q3 2024	447.00	17.1 %	216.60	30.2 %	32.20	266.8 %

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 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
Q1 2024	35.61	(35.0 %)	0.30	-	35.61	0.30
Q2 2024	33.11	115.8 %	0.28	-	33.11	0.28
Q3 2024	(7.53)	77.7 %	(0.06)	-	(7.53)	(0.06)

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 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 %
Q1 2024	44.12 %	5.14 %	(0.89 %)
Q2 2024	44.69 %	5.81 %	0.23 %
Q3 2024	45.99 %	-	0.31 %

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 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 %)
Q1 2024	53.05 %	20.28 %	7.49 %
Q2 2024	47.51 %	15.26 %	8.87 %
Q3 2024	48.46 %	-	(1.68 %)

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	(0.68)	(0.68)	12.78
Q3 2023	120.00	(0.59)	(0.38)	12.30
Q4 2023	120.00	(0.11)	0.04	11.93
Q1 2024	120.00	(0.27)	(0.12)	12.89
Q2 2024	120.00	(0.12)	0.03	12.35
Q3 2024	120.00	0.10	0.04	12.27

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 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
Q1 2024	NEG	NEG	2.75
Q2 2024	NEG	More than 100	2.38
Q3 2024	More than 100	More than 100	2.84

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 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	-	-	-	-	-
Q2 2024	296.12	40.33	37.60	-	-	-	-	-

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	Q3 2024 (e)	Q3 2024 (a)	Change‬
Average	23.50	(7.53)	(132.0 %)

Estimates vs Actual (Million)

Item	Q3 2024 (e)	Q3 2024 (a)	Change
United Securities Company	33.00	(7.53)	(122.8) %
Al Rajhi Capital	14.00	(7.53)	(153.8) %

Financial Ratios

	Current
Market Cap (M Riyal)	3,744.00
Enterprise Value (EV) (M)	5,013.60
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	2.54
Return on Average Assets (%) (TTM)	0.3
Return on Average Equity (%) (TTM)	0.8

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)

All
Above Expectations
Below Expectations

Company	Estimated	Actual	Change
CENOMI RETAIL	(94.00)	17.71	118.8 %
CENOMI CENTERS	259.80	334.65	28.8 %
DALLAH HEALTH	125.18	126.15	0.8 %
ALMAWARID	25.80	17.10	(33.7 %)
MIS	35.23	17.00	(51.8 %)
SPIMACO	23.50	(7.53)	(132.0 %)

Company	Estimated	Actual	Change
CENOMI RETAIL	(94.00)	17.71	118.8 %
CENOMI CENTERS	259.80	334.65	28.8 %
DALLAH HEALTH	125.18	126.15	0.8 %

Company	Estimated	Actual	Change
SPIMACO	23.50	(7.53)	(132.0 %)
MIS	35.23	17.00	(51.8 %)
ALMAWARID	25.80	17.10	(33.7 %)

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SPIMACO’s profit grows to SAR 61.2M in 9M 2024; SAR 7.5M loss in Q3

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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)

Revenue by Business Segment (Latest) 2024 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)

Quarterly Actuals vs Estimates 10/11/202411/11/2024

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SPIMACO’s profit grows to SAR 61.2M in 9M 2024; SAR 7.5M loss in Q3

View other reports

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) Q2 2024

Revenue by Business Segment (Latest) 2024 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)

Quarterly Actuals vs Estimates 10/11/202411/11/2024

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Business Segments (Million)