Saudi: SPIMACO shifts to over $45.6mln losses in 2022

Reuters Images/Faisal Al Nasser

The company generated revenues at a value of $378mln last year

Staff Writer, Mubasher

March 24, 2023

PHOTO

Riyadh – Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) turned to net losses after Zakat and tax worth SAR 171.20 million in 2022, versus net profits of SAR 18.10 million in 2021.

The company generated revenues at a value of SAR 1.42 billion last year, lower by 2.29% than SAR 1.45 billion in 2021, according to the income statements.

Loss per share hit SAR 1.38 as of 31 December 2022, against earnings per share (EPS) worth SAR 0.22 a year earlier.

In the first nine months (9M) of 2022, SPIMACO swung to net losses after Zakat and tax worth SAR 67 million, compared with net profits of SAR 60.03 million in 9M-21.

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