Saudi Pharmaceutical Industries and Medical Appliances Corp. announces its Interim Financial results for the Period Ending on 2024-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 447 | 381.1 | 17.292 | 373.4 | 19.71 |
| Gross Profit (Loss) | 216.6 | 166.3 | 30.246 | 177.4 | 22.096 |
| Operational Profit (Loss) | 32.2 | -19.3 | - | 35.9 | -10.306 |
| Net profit (Loss) | -6.1 | -42.9 | -85.78 | 34 | - |
| Total Comprehensive Income | -1.9 | -49.5 | -96.161 | 29.9 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 1,295.8 | 1,320.9 | -1.9 |
| Gross Profit (Loss) | 646.3 | 607.5 | 6.386 |
| Operational Profit (Loss) | 125.8 | 70.2 | 79.202 |
| Net profit (Loss) | 67.8 | 17.9 | 278.77 |
| Total Comprehensive Income | 72.7 | -2 | - |
| Total Shareholders Equity (after Deducting Minority Equity) | 1,472.5 | 1,475.7 | -0.216 |
| Profit (Loss) per Share | 0.51 | 0.11 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | -31 | -2.59 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Increased by 17%, or the equivalent of SAR 66 million, to SAR 447 million. Revenue from sale of products reported an increase of 19% up to SAR 407 million resulted from sales improvement in all channels especially within the private and Government channels by SAR 80 million. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net loss amounted to SAR 6.1 million in the third quarter of the financial year 2024 compared to a net loss of SAR 42.9 million in the third quarter of the financial year 2023, mainly due to the following:
•Revenues: increased by 17%, or the equivalent of SAR 66 million, to SAR 447 million, due to increase in the private and government sales compared to same quarter last year.
•Gross profit: increased by 30%, or the equivalent of SAR 50.3 million. The gross profit margin increased from 44% in the same quarter last year to 48% in the current quarter.
•Selling, general and administrative expenses: increased by 11%, equivalent to SAR 16.4 million to SAR 166.3 million, compared to SAR 149.9 million in the same quarter of the last year
•Research and development expenses: increased by 73%, equivalent to SAR 5.5 million, to 13 million Saudi riyals.
•Operating profit: Profit reached to SAR 32.2 million as compared to operating loss of SAR 19.3 million recorded in the same quarter of last year.
•Zakat and tax expense increased by 290% to SAR 17 million, compared to SAR 4.4 million in the in the same quarter of last year.
•Net financing cost: Decreased by 3% to SAR 23.4 million compared to SAR 24.2 million in the same quarter of last year. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | •Revenue: increased by 20%, or the equivalent of SAR 73.6 million, to SAR 447 million, due to increase in the sales the products specifically private and government channels. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The consolidated net loss amounted to SAR 6.1 million in the third quarter of the fiscal year 2024, compared to a net profit of SAR 34 million in the second quarter of the fiscal year 2024, mainly due to the following:
•Revenue: increased by 20%, or the equivalent of SAR 73.6 million, to SAR 447 million, due to increase in the sales the products specifically private and government channels thresholds.
•Gross profit: increased by SAR 39 million equivalent to 22% increase to reach SAR 216.6 million in the third quarter of financial year 2024 from SAR 177.4 million in the third quarter of financial year 2024.
•Selling, general and administrative expenses: increased by 34%, equivalent to SAR 42 million to SAR 166.3 million, compared to SAR 124.2 million in the second quarter of the fiscal year 2024.
•Research and development expenses: decreased by 2%, equivalent to SAR 0.3 million, from SAR 13.3 million to SAR 13 million.
•Impairment loss on trade and other receivables increased by 74%, equivalent to SAR 6.8 million to SAR 16 million, compared to SAR 9.3 million in the second quarter.
•Operating profit: Operating profit decreased to SAR 32.2 million, compared to a profit of SAR 36 million in the second quarter of the current year.
•Net Financing cost: increased by 126% to 23.4 million Saudi riyals, compared to 10.4 million Saudi riyals in the second quarter of the current year. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | •Revenue: Decreased by 2%, or the equivalent of 25 million Saudi riyals, from 1,320 million Saudi riyals in 9M 2023 to 1,295 million Saudi riyals in 9M 2024, due to decrease in some of our subsidiaries’ revenue and due to discontinuation of contracts that did not meet internal margin thresholds |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The consolidated net profit amounted to 67.8 million Saudi riyals in the first 9 months of the financial year 2024, compared to a net profit of 17.9 million Saudi riyals in the first 9 months of the fiscal year 2023, mainly due to the following:
•Revenue: Decreased by 2%, or the equivalent of 25 million Saudi riyals, from 1,320 million Saudi riyals in 9M 2023 to 1,295 million Saudi riyals in 9M 2024, due to decrease in some of our subsidiaries’ revenue.
•Selling, general and administrative expenses: decreased by 2%, equivalent to 10.8 million to 438 million Saudi riyals in first 9 months of fiscal year 2024, compared to 449 million Saudi riyals in the first 9 months of the fiscal year 2023 due to cost to control and optimization
•Research and development expenses: Increased by 40%, equivalent to 12.3 million Saudi riyals, to 43.5 million Saudi riyals in first 9 months of fiscal year 2024, compared to 31.2 million Saudi riyals in the first 9 months of the fiscal year 2023.
•Other expenses decreased by 93% year-on-year to SAR 3 million in the first nine months of fiscal year 2024, compared with SAR 38.4 million in the first 9 months of the fiscal year 2023 primarily due to reversal of provision related to potential liabilities from labor disputes recorded in 2023.
•Operating profit: Increased by 79%, equivalent to 55.5 million Saudi riyals to 125.8 million Saudi riyals in the first 9 months of the fiscal year 2024, compared to an operating profit of 70.2 million Saudi riyals in the first 9 months of the fiscal year 2023.
•Net Financing cost: decreased by 1% in the first 9 months of the fiscal year 2024 to reach 50.6 million Saudi riyals, compared to 51 million Saudi riyals in the first 9 months of the fiscal year 2023. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | We draw attention to note 23 to the condensed consolidated interim financial statements of the Company and its subsidiaries which indicates that the comparative information presented as at and for the year ended 31 December 2023, for the three-month and nine-month periods ended 30 September 2023 has been restated. Our conclusion is not modified in respect of this matter. |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform to the current period’s presentation. |
| Additional Information | None |
| Attached Documents |  |
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