Riyadh – Mubasher: Saudi Pharmaceutical Industries and Medical Appliances Corp (SPIMACO) on Wednesday reported a 33.56% year-on-year drop in net profits for the second quarter of 2018.

SPIMACO’s profits amounted to SAR 35.49 million in Q2-18, compared to SAR 53.42 million during Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, the Saudi firm's profits levelled down 36.44% during the period between April and June, from SAR 55.8 million.

SPIMACO attributed the second-quarter profit decrease to an increase in operating expenses, coupled with higher general and administrative expenses.

Revenues rose 2.7% to SAR 312.7 million during Q2-18, from SAR 304.6 million Q2-17.

During the first six months of 2018, the Tadawul-listed firm’s profits fell 40.45% to SAR 91.33 million, from SAR 153.36 million during H1-17.

Revenues inched up 0.8% to SAR 703.5 million in H1-18.

By 11:20 am Saudi time, SPIMACO’s stock fell 1.52% to SAR 32.30.