SPIMACO turns to profitability in Q2

Revenues for Q2-20 slid by 6.4% yearly


Riyadh - Mubasher: The Saudi Pharmaceutical Industries and Medical Appliances Corp (SPIMACO) turned profitable in the second quarter (Q2) of 2020, gaining SAR 25.89 million in net profits, against net losses of SAR 195.87 million in Q2 of last year.

Revenue for the three-month period ended 30 June 2020 reached SAR 332.32 million, down by 6.4% when compared to SAR 355.03 million in the year-ago period, according to a bourse statement on Wednesday.

The drop in sales was fueled by lower export sales as a result of the precautionary measurements taken to stop the coronavirus spread. However, the company’s gross profits increased by 68.7% as sales costs and operating expenses slumped, resulting in higher operating and net earnings.

Source: Mubasher

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