Riyadh – Mubasher: Saudi Pharmaceutical Industries and Medical Appliances Corp (SPIMACO) on Thursday reported a 44.1% decline in its net profits for the first quarter of 2018, compared to the year-ago period.

SPIMACO’s net profits fell to SAR 55.8 million during the three-month period ended March 2018, down from SAR 99.95 million in Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The Tadawul-listed firm attributed the drop in first-quarter profits to the lack of selling securities in Q1-18, against posting SAR 46 million in profits from selling securities in the comparative period of 2017.

SPIMACO’s revenues inched down 0.6% to SAR 390.8 million during Q1-18, compared to SAR 393.1 million in the corresponding period a year earlier.

Quarter-on-quarter, profits tumbled 20% from SAR 70.36 million.

SPIMACO’s stock edged down 0.3% to close Wednesday’s trading session at SAR 31.75.