Saudi Pharmaceutical Industries and Medical Appliances Corporation swings to over $5mln loss in H1-22

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Revenues for the six-month period ended 30 June 2022 decreased by 10.35% annually

Staff Writer, Mubasher

August 21, 2022

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Riyadh – The Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) has moved to net losses of SAR 21.1 million during the first half (H1) of 2022, against net earnings of SAR 53.63 million in H1-21.

Loss per share for H1-22 stood at SAR 0.11, versus a profit per share of SAR 0.48 in H1-21, according to a bourse disclosure on Sunday.

Revenues for the six-month period ended 30 June 2022 decreased by 10.35% annually to SAR 699.95 million from SAR 780.76 million.

During this year’s second quarter (Q2), SPIMACO incurred SAR 51.77 million worth of net losses, versus net profits of SAR 29.18 million in Q2 of the previous year.

In the meantime, revenues dropped by 4.71% in Q2-22 to SAR 310.62 million, compared to SAR 325.96 million in Q2-21.

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