Riyadh – Mubahser: Saudi Pharmaceutical Industries and Medical Appliances Corp (SPIMACO) reported a 35.76% year-on-year rise in profits for the second quarter of 2017, compared to the same period last year, according to a bourse filing on Sunday.

Net profits amounted to SAR 53.42 million in Q2-17 from SAR 39.35 million in Q2-16.

Meanwhile, the Tadawul-listed company’s profits declined 46.55% in Q2-17, compared to the prior quarter.

The firm attributed the increase in profits to lower sales and lower administrative and general expenses by 33% each, despite the decrease in dividends received from investment companies from SAR 15 million to SAR 7 million.

In the first six months of 2017, net profits surged 19.92% to SAR 153.36 million from SAR 127.88 million in the corresponding period of 2016.

SPIMACO's net profits went up 12.9% to SAR 99.95 million in Q1-17 from 88.53 million in Q1-16.