Riyadh – Mubasher: Saudi Pharmaceutical Industries and Medical Appliances Corp.(SPIMACO) on Tuesday reported a 32% year-on-year profit drop during the full-year 2018.

SPIMACO’s net profits after calculating Zakat and Tax amounted to SAR 100.8 million ($26.87 million) from January to December 2018, down from SAR 148.53 million ($39.60 million) a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed 2018 profit decline to a drop in revenues, a profit decrease in one of its subsidiaries, incurring losses in associate companies, coupled with higher financing costs.

Revenues slid 8% to SAR 1.27 billion in the prior year, from SAR 1.39 billion in 2017, while operating profit slumped 31% to SAR 131.06 million, compared to SAR 188.92 million.

Earnings per share (EPS) amounted to 86 halalas in 2018, down from SAR 1.16 in the previous year.

SPIMACO’s profits increased by 7.8% to SAR 12.82 million in the fourth quarter of 2018, compared to SAR 11.89 million during Q4-17, according to data compiled by Mubasher.