Saudi Pharmaceutical Industries and Medical Appliances Corp. announces its Interim Financial Results for the Period Ending on 2022-06-30 ( Six Months )

21 August 2022 08:19 AM

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Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	310.62	325.96	-4.71	389.33	-20.22
Gross Profit (Loss)	121.02	173.5	-30.25	184.78	-34.51
Operational Profit (Loss)	-39.12	32.64	-	37.28	-
Net Profit (Loss) after Zakat and Tax	-51.77	29.18	-	30.66	-
Total Comprehensive Income	-52.19	28.82	-	23.21	-
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	699.95	780.76	-10.35
Gross Profit (Loss)	305.81	315.5	-3.07
Operational Profit (Loss)	-1.84	58.24	-
Net Profit (Loss) after Zakat and Tax	-21.1	53.63	-
Total Comprehensive Income	-28.98	66.18	-
Total Share Holders Equity (after Deducting Minority Equity)	1,744.56	1,865.29	-6.47
Profit (Loss) per Share	-0.11	0.48
All figures are in (Millions) Saudi Arabia, Riyals

	Accumulated Losses	Capital	Percentage %
	0	1,200	0
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The net profit decreased by SAR 81 million (-277%) as a result of a decrease in operating profit by SAR 72 million (-220%) and a decrease in gross profit by SAR 52.47 million (-30%). The decrease in gross profit is attributable to the sales mix which had a negative impact during the quarter. Also, repricing of some products by SFDA and a decrease in sales for one of our licensor products had a negative impact on gross profit. The operating profit further decreased due to an increase in operating expenses by SAR 20 million in line with the company’s transformation strategy.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is	The company reported a net loss SAR 51.77 million for the current quarter compared to net profit of SAR 30.66 million for the previous quarter. The reduction in net profit is mainly due to the sales mix which had a negative impact during the quarter and an increase in operating expenses.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	Sales revenue declined by SAR 81 million (-10.35%) compared to same period last year mainly due to the sales mix which had a negative impact. Also, repricing of some products by SFDA as well as a decrease in sales of one of our licensor products negatively impacted revenues. Despite the significant decline in revenues, the gross profit only declined by SAR 10 million (-3%) due to the improvement in production utilization. Operating profit decreased by SAR 60 million (-103%) mainly due to increase in selling and marketing expenses by SAR 21 million, general and administration expenses by SAR 19 million and an increase in other operating expenses by SAR 12 million in line with the company’s transformation strategy. Decrease in provision for credit losses by SAR 3 million slightly reduce the negative impact on operating profit. Increase in zakat expenses by SAR 15 million further contributed towards net loss for the current period.
Statement of the type of external auditor's report	Unmodified conclusion
Reclassification of Comparison Items	Certain comparison items of income and expenses have been reclassified to conform with the presentation of the current period.
Additional Information	The profit per share for the current period and for the similar period last year were calculated after deducting the non-controlling interests' share of the net profit.

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