Riyadh – Mubasher: Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) posted a year-on-year profit decline for the first quarter of 2019.

Net profits after zakat and tax stood at SAR 13.15 million in Q1-19, compared to SAR 55.84 million in Q1-18, according to a bourse filing to the Saudi Stock Exchange (Tadawul) on Sunday.

Total revenues of the Saudi-based company plunged 8.88% to SAR 356.07 million during the January-March period of 2019, versus SAR 390.79 million in the same period of the prior year.

In 2018, SPIMACO reported a 32% year-on-year profit drop, recording SAR 100.8 million.