Saudi Pharmaceutical Industries and Medical Appliances Corp. announces its Interim Financial results for the Period Ending on 2024-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 475.4 | 531.8 | -10.605 | 331 | 43.625 |
| Gross Profit (Loss) | 252.2 | 257.3 | -1.982 | 101.7 | 147.984 |
| Operational Profit (Loss) | 57.6 | 70 | -17.714 | 1.5 | 3,740 |
| Net profit (Loss) | 39.9 | 56.8 | -29.753 | -43 | - |
| Total Comprehensive Income | 44.6 | 57.2 | -22.027 | -27.7 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 1,547 | 1,506.7 | 2.674 |
| Profit (Loss) per Share | 0.3 | 0.46 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | - | - | |
| 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 | • Revenue: Decreased by 10.6%, or the equivalent of SAR 56.4 million, to SAR 475.4 million on the back of weaker revenue from sale of products while revenue from services came in relatively stable. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Consolidated net profit amounted to SAR 39.9 million in Q1 FY2024 compared to a net profit of SAR 56.8 million in Q1 FY2023 mainly driven by the net impact of the following:
• Revenue: Decreased by 10.6%, or the equivalent of SAR 56.4 million, to SAR 475.4 million on the back of weaker revenue from sale of products while revenue from services came in relatively stable.
•Gross Profit: Decreased by 2.0%, or the equivalent of SAR 5.1 million, down to SAR 252.2 million for Q1 FY2024.
•Selling, General and Administrative Expenses (SG&A): Decreased 8.7%, the equivalent of SAR 14.1 million, to SAR 147.6 million compared to SAR 161.8 million in Q1 FY2023.
• Research and Development Expenses (R&D): Increased 36.8%, the equivalent of SAR 4.7 million to SAR 17.3 million on increased lab and employee expenses.
•Operating Profit: Decreased 17.7%, or the equivalent of SAR 12.4 million, to a profit of SAR 57.6 million compared to SAR 70.0 million reported in Q1 FY2023.
• Net Finance Cost: Increased by 46.9% to SAR 16.8 million from SAR 11.4 million in Q1 FY2023. The increase stemmed from higher prevailing interest rates and slightly higher debt balances. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | • Revenue: Increased by 43.6%, or the equivalent of SAR 144.4 million, to SAR 475.4 million predominantly on strong growth in revenue from sale of products whereas revenue from services declined by 21.8% Quarter-on-Quarter (QoQ). |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | Consolidated net profit amounted to SAR 39.9 million in Q1 FY2024 compared to a net loss of SAR 43.0 million in Q4 FY2023 mainly driven by the net impact of the following:
•Revenue: Increased by 43.6%, or the equivalent of SAR 144.4 million, to SAR 475.4 million predominantly on strong growth in revenue from sale of products whereas revenue from services declined by 21.8% Quarter-on-Quarter (QoQ).
•Gross Profit: Increased by SAR 150.5 million (+148.0%) to SAR 252.2 million for Q1 FY2024.
•Selling, General and Administrative Expenses (SG&A): Decreased 4.2%, the equivalent of SAR 6.5 million, to SAR 147.6 million compared to SAR 154.6 million in Q4 FY2023.
•Research and Development Expenses (R&D): Increased 68.5%, the equivalent of SAR 7.0 million to SAR 17.3 million on increased lab and employee expenses.
•Operating Profit (Loss): Increased to a profit of SAR 56.1 million compared to a profit of SAR 1.5 million reported in Q4 last year.
•Net Finance Cost: Decreased by 22.9% to SAR 16.8 million. |
| 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) | None |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform to the current period’s presentation. |
| Additional Information | None |
| Attached Documents |  |
Comments