Riyadh - Mubasher: Saudi Pharmaceutical Industries and Medical Appliances Corp (SPIMACO) recorded SAR 41.83 million in net profits after Zakat and tax over the first quarter (Q1) of 2020, versus net losses of SAR 25.39 million in the same period in 2019.

Sales grew by 7.7% year-on-year (YoY), standing at SAR 479.39 million in the first three months of 2020 from SAR 444.8 million in Q1-19, according to a filing to the Saudi Stock Exchange (Tadawul) on Wednesday.

The positive interim results are owed to the 7.7% increase in revenues particularly those realised from the sale of goods. Moreover, costs of sold goods dropped due to an improved products mix, a growing number of producing units, and lower production costs.