Riyadh – Mubasher: Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) posted a 98% year-on-year (YoY) drop in net loss to SAR 3 million in 2023 from SAR 171 million.

Revenues jumped 16% YoY to SAR 1.65 billion last year from SAR 1.42 billion, according to a press release.

The loss per share hit SAR 0.11 in the 12-month that ended on 31 December 2023, down from SAR 1.38 in 2022.

Fourth Quarter

During the fourth quarter (Q4) of 2023, SPIMACO’s net loss tumbled 59% YoY to SAR 43 million in 2023 from SAR 104 million in the same quarter the year before.

Revenues shrank to SAR 331 million in Q4-23, 9% YoY from SAR 365 million in Q4-22.

Cash Dividends

SPIMACO’s board recommended to shareholders not to distribute dividends for 2023.

During the first nine months (9M) of 2023, SPIMACO posted a net profit of SAR 40.40 million, versus a net loss of SAR 67 million a year earlier.