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Saudi Pharmaceutical and Medical Supplies Corp company (SPIMACO) has announced two new credit facilities worth a total of SAR 710 million ($189.3 million).
The first, with Gulf International Bank is worth SAR 485 million and is to finance future expansion and investments.
The second, worth SAR 225 million from Banque Saudi Fransi is to finance working capital requirements.
In financial results published yesterday (Sunday) the company reported a Q2 2022 loss of SAR 51.76 million down from a profit of SAR 30.6 million year-on-year.
The first half of the year’s loss was SAR 20.2 million after a profit of SAR 55.5 million in H1 2021.
Revenue was SAR 310.6 million in Q2 2022, down from SAR 325.9 million y-o-y and SAR 699.9 million in H1 2022, down y-o-y from SAR 780.8 million.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
