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SPIMACO reports 145% quarterly profit jump

SPIMACO reports 145% quarterly profit jump
Revenue for the July-September period of 2020 hit SAR 378.98 million.
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Riyadh - Mubasher: The Saudi Pharmaceutical Industries and Medical Appliances Corp (SPIMACO) reported a 145% annual rise in third-quarter profits at SAR 62.5 million.

Revenue for the July-September period of 2020 amounted to SAR 378.98 million, an increase of 10.6% when compared to SAR 342.69 million in the corresponding period a year earlier, according to a bourse filing on Monday. 

The growth in quarterly revenue was boosted by higher sales from the private sector and the export division. Moreover, gross profit for the quarter was up by 17.3%, as sales costs declined, while operating profit hiked by 41.8%.

During the first nine months of 2020, the company turned to net profits of SAR 130.23 million, against net losses of SAR 195.75 million last year.