Riyadh - Mubasher: Saudi Pharmaceutical Industries and Medical Appliances Corp (SPIMACO) on Wednesday said it achieved a net profit increase of 9.3% to reach SAR 8.22 million in the third quarter of 2017, compared with SAR 7.52 million in the same period last year.

Quarter-on-quarter, SPIMACO’s profits dropped 84.6% from SAR 53.42 million, according to a bourse filing.

The increase in the net profit is attributed to the decrease in sales and marketing expenses as well as to SAR 4 million as profits from associates in Q3-17 against no profits in the same period last year, SPIMACO revealed.

Meanwhile, at the level of the first nine months of 2017, SPIMACO’s profits grew 19.3% to reach SAR 161.59 million, versus SAR 135.4 million in the same period in 2016, according to the statement.

SPIMACO’s stock ended Wednesday’s session declining 1.1% to SAR 28.64.