SPIMACO turns to SAR 24.5M profits in 2024, loses SAR 36.2M in Q4

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) reported a net profit of SAR 24.5 million for 2024, against a net loss of SAR 50.7 million a year earlier.

Financials (M)

Item	2023	2024	Change‬
Revenues	1,655.44	1,682.00	1.6 %
Gross Income	703.13	837.03	19.0 %
Operating Income	1.17	135.09	11475.7 %
Net Income	(50.73)	24.54	148.4 %
Average Shares	120.00	120.00	-
Earnings Per Share before unusual items	(0.57)	0.14	124.2 %
EPS (Riyals)	(0.42)	0.20	148.4 %

The company’s return to profit-making came as the topline advanced by 1.6% year-on-year (YoY) to SAR 26.56 million by 2024-end, driven by higher sales from the private-sector segment.

The 12-month gross profit also climbed YoY by 19.04% to SAR 837 million. This followed the discontinuation of low-margin contracts, reflecting improved operating efficiency. The gross profit margin expanded to 49.76% in 2024, from 42.47% in 2023.

Furthermore, selling, marketing, general and administrative expenses fell 2.22% to SAR 604.4 million in 2024, versus SAR 618 million in 2023, thanks to tighter cost controls and the elevated operating efficiency.

Operating profits, in addition, jumped to SAR 137.46 million by the end of 2024, from SAR 52.15 million in the year before. This was supported by strong gross income and lower operating expenses on cost management.

The Q4 2024 net loss narrowed to SAR 36.2 million, from SAR 64.33 million in the year-earlier period.

On a sequential basis, however, the three-month net losses widened from SAR 8.03 million in Q3 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	334.52	386.20	15.4 %
Gross Income	95.67	190.77	99.4 %
Operating Income	(107.44)	6.65	106.2 %
Net Income	(64.33)	(36.16)	43.8 %
Average Shares	120.00	120.00	-
Earnings Per Share before unusual items	(0.89)	(0.31)	65.0 %
EPS (Riyals)	(0.54)	(0.30)	43.8 %

Item	Q3 2024	Q4 2024	Change‬
Revenues	447.02	386.20	(13.6 %)
Gross Income	216.64	190.77	(11.9 %)
Operating Income	21.23	6.65	(68.7 %)
Net Income	(8.03)	(36.16)	(350.4 %)
Average Shares	120.00	120.00	-
Earnings Per Share before unusual items	(0.10)	(0.31)	(201.5 %)
EPS (Riyals)	(0.07)	(0.30)	(350.4 %)

Total shareholders’ equity, after minority interest, stood at SAR 1.378 billion by Dec. 31, 2024, inching up from SAR 1.375 billion a year ago.

Accumulated losses amounted to SAR 120.27 million by the end of 2024, representing 10.02% of SPIMACO’s capital.

Attached Documents:

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Share Price

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)

	Current
Market Cap (M Riyal)	2,959.20
Enterprise Value (EV) (M)	4,335.73
Shares Outstanding ((M))	120.00
EPS ( Riyal) (TTM)	0.20
Book Value (BV) ( Riyal)	11.49
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 100
P/E (TTM)	More than 100
Price/book	2.15
Return on Average Assets (%) (TTM)	0.6
Return on Average Equity (%) (TTM)	0.9

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2015	432.20	6.7 %	225.86	9.3 %	91.35	20.1 %
Q2 2015	435.80	17.4 %	210.95	9.2 %	48.02	6.9 %
Q3 2015	308.27	15.9 %	131.32	(2.3 %)	24.69	(21.0 %)
Q4 2015	520.38	20.7 %	266.38	1.7 %	101.91	13.0 %
2015	1,705.05	16.0 %	848.60	6.8 %	262.04	8.3 %
Q1 2016	322.20	(25.4 %)	194.26	(14.0 %)	53.22	(41.7 %)
Q2 2016	339.54	(22.1 %)	183.58	(13.0 %)	27.50	(42.7 %)
Q3 2016	257.21	(16.6 %)	140.54	7.0 %	9.14	(63.0 %)
Q4 2016	339.59	(34.7 %)	194.16	(27.1 %)	13.46	(86.8 %)
2016	1,258.55	(26.2 %)	712.54	(16.0 %)	103.32	(60.6 %)
Q1 2017	393.10	22.0 %	212.58	9.4 %	50.03	(6.0 %)
Q2 2017	304.63	(10.3 %)	156.13	(15.0 %)	49.40	79.6 %
Q3 2017	277.62	7.9 %	128.68	(8.4 %)	8.30	(9.2 %)
Q4 2017	410.69	20.9 %	207.07	6.7 %	58.60	335.5 %
2017	1,386.04	10.1 %	704.46	(1.1 %)	166.33	61.0 %
Q1 2018	390.79	(0.6 %)	197.32	(7.2 %)	67.66	35.2 %
Q2 2018	295.62	(3.0 %)	155.28	(0.5 %)	10.00	(79.8 %)
Q3 2018	224.95	(19.0 %)	137.89	7.2 %	3.59	(56.8 %)
Q4 2018	600.79	46.3 %	127.79	(38.3 %)	(48.39)	(182.6 %)
2018	1,503.32	8.5 %	608.52	(13.6 %)	21.00	(87.4 %)
Q1 2019	444.80	13.8 %	152.43	(22.7 %)	16.97	(74.9 %)
Q2 2019	355.03	20.1 %	95.10	(38.8 %)	(65.02)	(750.4 %)
Q3 2019	342.69	52.3 %	170.82	23.9 %	46.71	1201.2 %
Q4 2019	344.32	(42.7 %)	79.28	(38.0 %)	(78.77)	(62.8 %)
2019	1,486.85	(1.1 %)	497.64	(18.2 %)	(80.10)	(481.5 %)
Q1 2020	475.72	7.0 %	198.73	30.4 %	57.44	238.5 %
Q2 2020	328.14	(7.6 %)	150.49	58.2 %	12.82	119.7 %
Q3 2020	372.91	8.8 %	195.71	14.6 %	70.05	50.0 %
Q4 2020	378.52	9.9 %	145.55	83.6 %	2.91	103.7 %
2020	1,555.29	4.6 %	690.48	38.8 %	143.22	278.8 %
Q1 2021	454.81	(4.4 %)	142.00	(28.5 %)	19.82	(65.5 %)
Q2 2021	325.96	(0.7 %)	173.50	15.3 %	29.91	133.3 %
Q3 2021	311.36	(16.5 %)	145.71	(25.5 %)	18.69	(73.3 %)
Q4 2021	367.67	(2.9 %)	159.50	9.6 %	(13.76)	(572.9 %)
2021	1,459.78	(6.1 %)	620.71	(10.1 %)	54.67	(61.8 %)
Q1 2022	389.33	(14.4 %)	185.71	30.8 %	47.81	141.2 %
Q2 2022	310.62	(4.7 %)	120.18	(30.7 %)	(45.26)	(251.3 %)
Q3 2022	357.02	14.7 %	123.19	(15.5 %)	(39.65)	(312.1 %)
Q4 2022	364.83	(0.8 %)	137.92	(13.5 %)	(70.95)	(415.8 %)
2022	1,421.81	(2.6 %)	567.00	(8.7 %)	(108.05)	(297.7 %)
Q1 2023	531.77	36.6 %	257.32	38.6 %	72.40	51.4 %
Q2 2023	408.06	31.4 %	183.85	53.0 %	27.64	161.1 %
Q3 2023	381.09	6.7 %	166.30	35.0 %	8.57	121.6 %
Q4 2023	334.52	(8.3 %)	95.67	(30.6 %)	(107.44)	(51.4 %)
2023	1,655.44	16.4 %	703.13	24.0 %	1.17	101.1 %
Q1 2024	475.40	(10.6 %)	252.22	(2.0 %)	76.61	5.8 %
Q2 2024	373.38	(8.5 %)	177.40	(3.5 %)	30.59	10.7 %
Q3 2024	447.02	17.3 %	216.64	30.3 %	21.23	147.8 %
Q4 2024	386.20	15.4 %	190.77	99.4 %	6.65	106.2 %
2024	1,682.00	1.6 %	837.03	19.0 %	135.09	11475.7 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2015	1,705.05	16.0 %	848.60	6.8 %	262.04	8.3 %
2016	1,258.55	(26.2 %)	712.54	(16.0 %)	103.32	(60.6 %)
2017	1,386.04	10.1 %	704.46	(1.1 %)	166.33	61.0 %
2018	1,503.32	8.5 %	608.52	(13.6 %)	21.00	(87.4 %)
2019	1,486.85	(1.1 %)	497.64	(18.2 %)	(80.10)	(481.5 %)
2020	1,555.29	4.6 %	690.48	38.8 %	143.22	278.8 %
2021	1,459.78	(6.1 %)	620.71	(10.1 %)	54.67	(61.8 %)
2022	1,421.81	(2.6 %)	567.00	(8.7 %)	(108.05)	(297.7 %)
2023	1,655.44	16.4 %	703.13	24.0 %	1.17	101.1 %
2024	1,682.00	1.6 %	837.03	19.0 %	135.09	11475.7 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual items
Q1 2015	99.39	9.0 %	0.83	-	99.39	0.83
Q2 2015	237.63	143.2 %	1.98	151.31	86.32	0.72
Q3 2015	29.16	(20.5 %)	0.24	-	29.16	0.24
Q4 2015	(9.12)	(110.0 %)	(0.08)	(118.50)	109.38	0.91
2015	357.05	12.7 %	2.98	32.81	324.25	2.70
Q1 2016	88.91	(10.5 %)	0.74	15.46	73.45	0.61
Q2 2016	39.61	(83.3 %)	0.33	-	39.61	0.33
Q3 2016	4.76	(83.7 %)	0.04	-	4.76	0.04
Q4 2016	143.48	1673.8 %	1.20	189.84	(46.36)	(0.39)
2016	276.76	(22.5 %)	2.31	205.30	71.46	0.60
Q1 2017	101.22	13.8 %	0.84	46.14	55.08	0.46
Q2 2017	46.56	17.5 %	0.39	-	46.56	0.39
Q3 2017	(17.03)	(457.9 %)	(0.14)	-	(17.03)	(0.14)
Q4 2017	66.61	(53.6 %)	0.56	13.40	53.21	0.44
2017	197.37	(28.7 %)	1.64	59.54	137.83	1.15
Q1 2018	55.23	(45.4 %)	0.46	-	55.23	0.46
Q2 2018	22.67	(51.3 %)	0.19	-	22.67	0.19
Q3 2018	(12.12)	28.8 %	(0.10)	-	(12.12)	(0.10)
Q4 2018	19.01	(71.5 %)	0.16	-	19.01	0.16
2018	76.58	(61.2 %)	0.64	-	76.58	0.64
Q1 2019	(21.71)	(139.3 %)	(0.18)	-	(21.71)	(0.18)
Q2 2019	(186.49)	(922.8 %)	(1.55)	(108.90)	(77.59)	(0.65)
Q3 2019	28.11	332.0 %	0.23	-	28.11	0.23
Q4 2019	(259.65)	(1466.1 %)	(2.16)	(130.02)	(129.64)	(1.08)
2019	(439.74)	(674.2 %)	(3.66)	(238.92)	(200.83)	(1.67)
Q1 2020	45.60	310.1 %	0.38	-	45.60	0.38
Q2 2020	24.98	113.4 %	0.21	-	24.98	0.21
Q3 2020	67.41	139.8 %	0.56	-	67.41	0.56
Q4 2020	(13.20)	94.9 %	(0.11)	-	(13.20)	(0.11)
2020	124.79	128.4 %	1.04	-	124.79	1.04
Q1 2021	26.15	(42.7 %)	0.22	-	26.15	0.22
Q2 2021	31.07	24.4 %	0.26	-	31.07	0.26
Q3 2021	7.40	(89.0 %)	0.06	-	7.40	0.06
Q4 2021	(38.15)	(189.1 %)	(0.32)	-	(38.15)	(0.32)
2021	26.45	(78.8 %)	0.22	-	26.45	0.22
Q1 2022	33.33	27.5 %	0.28	-	33.33	0.28
Q2 2022	(46.65)	(250.2 %)	(0.39)	-	(46.65)	(0.39)
Q3 2022	(45.05)	(709.1 %)	(0.38)	-	(45.05)	(0.38)
Q4 2022	(106.76)	(179.8 %)	(0.89)	-	(106.76)	(0.89)
2022	(165.14)	(724.2 %)	(1.38)	-	(165.14)	(1.38)
Q1 2023	43.78	31.4 %	0.36	-	43.78	0.36
Q2 2023	15.35	132.9 %	0.13	-	15.35	0.13
Q3 2023	(45.52)	(1.0 %)	(0.38)	(24.84)	(20.68)	(0.17)
Q4 2023	(64.33)	39.7 %	(0.54)	42.02	(106.35)	(0.89)
2023	(50.73)	69.3 %	(0.42)	17.17	(67.90)	(0.57)
Q1 2024	35.61	(18.7 %)	0.30	-	35.61	0.30
Q2 2024	33.11	115.8 %	0.28	2.65	30.46	0.25
Q3 2024	(8.03)	82.4 %	(0.07)	4.33	(12.36)	(0.10)
Q4 2024	(36.16)	43.8 %	(0.30)	1.10	(37.27)	(0.31)
2024	24.54	148.4 %	0.20	8.09	16.45	0.14

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual items
2015	357.05	12.7 %	2.98	32.81	324.25	2.70
2016	276.76	(22.5 %)	2.31	205.30	71.46	0.60
2017	197.37	(28.7 %)	1.64	59.54	137.83	1.15
2018	76.58	(61.2 %)	0.64	-	76.58	0.64
2019	(439.74)	(674.2 %)	(3.66)	(238.92)	(200.83)	(1.67)
2020	124.79	128.4 %	1.04	-	124.79	1.04
2021	26.45	(78.8 %)	0.22	-	26.45	0.22
2022	(165.14)	(724.2 %)	(1.38)	-	(165.14)	(1.38)
2023	(50.73)	69.3 %	(0.42)	17.17	(67.90)	(0.57)
2024	24.54	148.4 %	0.20	8.09	16.45	0.14

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	54.34 %	18.90 %	21.67 %
Q2 2015	53.23 %	18.31 %	20.04 %
Q3 2015	51.63 %	17.40 %	19.05 %
Q4 2015	49.19 %	17.17 %	19.11 %
2015	49.77 %	16.85 %	19.02 %
Q1 2016	50.60 %	15.90 %	18.80 %
Q2 2016	52.04 %	15.52 %	16.88 %
Q3 2016	54.52 %	15.09 %	15.79 %
Q4 2016	56.62 %	10.25 %	5.68 %
2016	56.62 %	10.25 %	5.68 %
Q1 2017	54.97 %	9.67 %	3.99 %
Q2 2017	54.34 %	11.85 %	4.64 %
Q3 2017	52.59 %	11.94 %	2.91 %
Q4 2017	50.83 %	14.96 %	9.94 %
2017	50.83 %	14.96 %	9.94 %
Q1 2018	49.81 %	16.45 %	9.97 %
Q2 2018	50.07 %	14.49 %	8.30 %
Q3 2018	52.76 %	15.07 %	9.00 %
Q4 2018	40.89 %	5.68 %	5.61 %
2018	40.48 %	4.92 %	5.09 %
Q1 2019	36.61 %	2.64 %	0.50 %
Q2 2019	31.57 %	(2.89 %)	(5.68 %)
Q3 2019	31.33 %	0.66 %	(2.99 %)
Q4 2019	33.47 %	1.46 %	(13.51 %)
2019	33.47 %	1.46 %	(13.51 %)
Q1 2020	35.84 %	4.49 %	(8.80 %)
Q2 2020	40.20 %	10.74 %	(2.08 %)
Q3 2020	41.04 %	11.13 %	0.55 %
Q4 2020	44.40 %	14.83 %	8.02 %
2020	44.40 %	14.83 %	8.02 %
Q1 2021	41.30 %	12.43 %	6.86 %
Q2 2021	42.86 %	13.79 %	7.27 %
Q3 2021	41.26 %	10.94 %	3.50 %
Q4 2021	42.52 %	9.78 %	1.81 %
2021	42.52 %	9.78 %	1.81 %
Q1 2022	47.65 %	12.35 %	2.41 %
Q2 2022	44.31 %	6.97 %	(3.20 %)
Q3 2022	41.31 %	2.84 %	(6.78 %)
Q4 2022	39.88 %	(1.35 %)	(11.61 %)
2022	39.88 %	(1.35 %)	(11.61 %)
Q1 2023	40.83 %	0.24 %	(9.89 %)
Q2 2023	42.26 %	4.48 %	(5.58 %)
Q3 2023	44.22 %	7.20 %	(4.05 %)
Q4 2023	42.47 %	5.02 %	(4.10 %)
2023	42.47 %	5.02 %	(4.10 %)
Q1 2024	43.65 %	5.39 %	(4.76 %)
Q2 2024	44.21 %	5.73 %	(3.90 %)
Q3 2024	45.51 %	6.34 %	(3.23 %)
Q4 2024	49.76 %	13.07 %	0.98 %
2024	49.76 %	13.07 %	0.98 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2015	49.77 %	16.85 %	19.02 %
2016	56.62 %	10.25 %	5.68 %
2017	50.83 %	14.96 %	9.94 %
2018	40.48 %	4.92 %	5.09 %
2019	33.47 %	1.46 %	(13.51 %)
2020	44.40 %	14.83 %	8.02 %
2021	42.52 %	9.78 %	1.81 %
2022	39.88 %	(1.35 %)	(11.61 %)
2023	42.47 %	5.02 %	(4.10 %)
2024	49.76 %	13.07 %	0.98 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	52.26 %	22.70 %	23.00 %
Q2 2015	48.40 %	12.42 %	19.81 %
Q3 2015	42.60 %	9.85 %	9.46 %
Q4 2015	51.19 %	20.88 %	21.02 %
Q1 2016	60.29 %	18.36 %	22.80 %
Q2 2016	54.07 %	9.77 %	11.67 %
Q3 2016	54.64 %	6.30 %	1.85 %
Q4 2016	57.18 %	6.04 %	(13.65 %)
Q1 2017	54.08 %	14.94 %	14.01 %
Q2 2017	51.25 %	19.02 %	15.29 %
Q3 2017	46.35 %	7.17 %	(6.13 %)
Q4 2017	50.42 %	17.25 %	12.96 %
Q1 2018	50.49 %	20.19 %	14.13 %
Q2 2018	52.53 %	9.98 %	7.67 %
Q3 2018	61.30 %	8.88 %	(5.39 %)
Q4 2018	21.27 %	(7.08 %)	3.16 %
Q1 2019	34.27 %	7.75 %	(4.88 %)
Q2 2019	26.79 %	(16.60 %)	(21.86 %)
Q3 2019	49.85 %	22.90 %	8.20 %
Q4 2019	23.03 %	(9.36 %)	(37.65 %)
Q1 2020	41.77 %	16.99 %	9.59 %
Q2 2020	45.86 %	10.09 %	7.61 %
Q3 2020	52.48 %	23.49 %	18.08 %
Q4 2020	38.45 %	7.68 %	(3.49 %)
Q1 2021	31.22 %	9.00 %	5.75 %
Q2 2021	53.23 %	16.47 %	9.53 %
Q3 2021	46.80 %	11.95 %	2.38 %
Q4 2021	43.38 %	2.98 %	(10.38 %)
Q1 2022	47.70 %	18.06 %	8.56 %
Q2 2022	38.69 %	(7.20 %)	(15.02 %)
Q3 2022	34.51 %	(5.17 %)	(12.62 %)
Q4 2022	37.80 %	(13.36 %)	(29.26 %)
Q1 2023	48.39 %	17.56 %	8.23 %
Q2 2023	45.05 %	11.83 %	3.76 %
Q3 2023	43.64 %	7.47 %	(5.43 %)
Q4 2023	28.60 %	(25.98 %)	(31.79 %)
Q1 2024	53.05 %	20.28 %	7.49 %
Q2 2024	47.51 %	13.84 %	8.16 %
Q3 2024	48.46 %	9.45 %	(2.77 %)
Q4 2024	49.40 %	7.63 %	(9.65 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
Q1 2015	120.00	2.71	2.71	27.84
Q2 2015	120.00	3.87	2.61	28.72
Q3 2015	120.00	3.81	2.55	24.87
Q4 2015	120.00	2.98	2.70	22.17
Q1 2016	120.00	2.89	2.49	20.84
Q2 2016	120.00	1.24	2.10	20.49
Q3 2016	120.00	1.03	1.89	20.40
Q4 2016	120.00	2.31	0.60	22.59
Q1 2017	120.00	2.41	0.44	23.27
Q2 2017	120.00	2.47	0.50	21.52
Q3 2017	120.00	2.29	0.32	22.01
Q4 2017	120.00	1.64	1.15	22.78
Q1 2018	120.00	1.26	1.15	25.04
Q2 2018	120.00	1.06	0.95	25.74
Q3 2018	120.00	1.10	0.99	24.32
Q4 2018	120.00	0.71	0.71	21.17
Q1 2019	120.00	0.07	0.07	22.80
Q2 2019	120.00	(1.68)	(0.77)	19.63
Q3 2019	120.00	(1.34)	(0.43)	18.36
Q4 2019	120.00	(3.66)	(1.67)	16.20
Q1 2020	120.00	(3.10)	(1.11)	14.14
Q2 2020	120.00	(1.34)	(0.26)	14.67
Q3 2020	120.00	(1.01)	0.07	15.63
Q4 2020	120.00	1.04	1.04	15.96
Q1 2021	120.00	0.88	0.88	16.29
Q2 2021	120.00	0.93	0.93	15.54
Q3 2021	120.00	0.43	0.43	15.53
Q4 2021	120.00	0.22	0.22	15.31
Q1 2022	120.00	0.28	0.28	15.53
Q2 2022	120.00	(0.37)	(0.37)	14.54
Q3 2022	120.00	(0.80)	(0.80)	14.13
Q4 2022	120.00	(1.38)	(1.38)	12.83
Q1 2023	120.00	(1.29)	(1.29)	13.29
Q2 2023	120.00	(0.77)	(0.77)	12.78
Q3 2023	120.00	(0.78)	(0.57)	12.30
Q4 2023	120.00	(0.42)	(0.57)	11.46
Q1 2024	120.00	(0.49)	(0.63)	12.89
Q2 2024	120.00	(0.34)	(0.51)	12.35
Q3 2024	120.00	(0.03)	(0.44)	12.27
Q4 2024	120.00	0.20	0.14	11.49

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2015	120.00	2.98	2.70	22.17
2016	120.00	2.31	0.60	22.59
2017	120.00	1.64	1.15	22.78
2018	120.00	0.64	0.64	21.17
2019	120.00	(3.66)	(1.67)	16.20
2020	120.00	1.04	1.04	15.96
2021	120.00	0.22	0.22	15.31
2022	120.00	(1.38)	(1.38)	12.83
2023	120.00	(0.42)	(0.57)	11.46
2024	120.00	0.20	0.14	11.49

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2015	14.78	14.78	1.44
Q2 2015	11.59	17.18	1.56
Q3 2015	9.46	14.14	1.45
Q4 2015	11.16	12.29	1.50
Q1 2016	11.15	12.96	1.55
Q2 2016	29.96	17.69	1.81
Q3 2016	30.18	16.49	1.53
Q4 2016	17.72	68.63	1.81
Q1 2017	15.03	81.82	1.56
Q2 2017	14.32	70.59	1.64
Q3 2017	14.43	More than 100	1.50
Q4 2017	18.25	26.14	1.32
Q1 2018	24.34	26.70	1.23
Q2 2018	30.03	33.56	1.24
Q3 2018	28.37	31.57	1.29
Q4 2018	41.61	41.61	1.39
Q1 2019	More than 100	More than 100	1.21
Q2 2019	NEG	NEG	1.35
Q3 2019	NEG	NEG	1.43
Q4 2019	NEG	NEG	1.68
Q1 2020	NEG	NEG	1.91
Q2 2020	NEG	NEG	1.98
Q3 2020	NEG	More than 100	2.34
Q4 2020	37.70	37.70	2.46
Q1 2021	46.94	46.94	2.53
Q2 2021	62.14	62.14	3.71
Q3 2021	More than 100	More than 100	3.00
Q4 2021	More than 100	More than 100	2.57
Q1 2022	More than 100	More than 100	2.40
Q2 2022	NEG	NEG	1.79
Q3 2022	NEG	NEG	1.85
Q4 2022	NEG	NEG	1.70
Q1 2023	NEG	NEG	1.79
Q2 2023	NEG	NEG	2.98
Q3 2023	NEG	NEG	2.87
Q4 2023	NEG	NEG	3.30
Q1 2024	NEG	NEG	2.75
Q2 2024	NEG	NEG	2.38
Q3 2024	NEG	NEG	2.84
Q4 2024	More than 100	More than 100	2.78

Period	P/E	Adjusted P/E	Price/book
2015	11.16	12.29	1.50
2016	17.72	68.63	1.81
2017	18.25	26.14	1.32
2018	46.07	46.07	1.39
2019	NEG	NEG	1.68
2020	37.70	37.70	2.46
2021	More than 100	More than 100	2.57
2022	NEG	NEG	1.70
2023	NEG	NEG	3.30
2024	More than 100	More than 100	2.78

Business Segments (Million)

Compared With The

Period	Pharmaceutical Manufacturing	healthy services and other	Trading & Distribution Services	Contract manufacturing arrangements	Medical & Pharmaceutical production segment	Investment activity	Eliminations
Q1 2015	-	-	-	-	432.29	14.84	-
Q2 2015	-	-	-	-	436.99	195.93	-
Q3 2015	-	-	-	-	308.38	9.55	-
Q4 2015	-	-	-	-	529.24	-	-
Q1 2016	-	-	-	-	513.97	25.27	-
Q2 2016	-	-	-	-	494.92	9.41	-
Q3 2016	-	-	-	-	100.39	6.23	-
Q4 2016	-	-	-	-	401.35	247.84	-
Q1 2017	-	-	-	-	446.00	50.90	(51.45)
Q2 2017	-	-	-	-	350.01	1.39	(43.30)
Q3 2017	-	-	-	-	317.29	4.01	(36.78)
Q4 2017	-	-	-	-	486.15	-	(54.74)
Q1 2018	-	-	-	-	450.19	7.00	(57.49)
Q3 2018	172.41	34.26	1.75	16.54	-	-	-
Q1 2019	419.76	22.19	2.03	0.82	-	-	-
Q2 2019	334.00	19.00	0.91	1.12	-	-	-
Q3 2019	313.52	20.79	7.10	1.29	-	-	-
Q1 2020	449.65	22.39	1.55	2.13	-	-	-
Q2 2020	295.05	27.32	5.12	0.65	-	-	-
Q3 2020	348.38	22.04	0.75	1.74	-	-	-
Q4 2020	349.04	20.89	6.83	1.76	-	-	-
Q1 2021	407.34	20.92	26.29	0.25	-	-	-
Q2 2021	314.20	27.04	-	2.98	-	-	-
Q3 2021	276.02	28.96	0.06	6.32	-	-	-
Q4 2021	336.97	26.95	-	6.42	-	-	-
Q1 2022	354.53	30.22	4.44	0.14	-	-	-
Q2 2022	244.52	27.85	38.40	-	-	-	-
Q3 2022	298.78	33.20	25.04	-	-	-	-
Q1 2023	431.67	37.35	62.75	-	-	-	-
Q2 2023	342.23	38.90	26.93	-	-	-	-
Q3 2023	308.91	42.42	29.76	-	-	-	-
Q4 2023	213.90	42.73	77.90	-	-	-	-
Q1 2024	391.31	43.60	40.50	-	-	-	-
Q2 2024	295.45	40.33	37.60	-	-	-	-
Q3 2024	353.25	40.10	53.68	-	-	-	-
Q4 2024	341.84	38.40	5.97	-	-	-	-

Period	Pharmaceutical Manufacturing	healthy services and other	Trading & Distribution Services	Contract manufacturing arrangements	Medical & Pharmaceutical production segment	Investment activity	Eliminations
2015	-	-	-	-	1,706.80	115.14	-
2016	-	-	-	-	1,510.63	288.74	(244.41)
2017	-	-	-	-	1,599.45	61.92	(186.28)
2018	1,414.72	78.37	5.02	5.22	-	-	-
2019	1,397.28	77.87	5.93	5.76	-	-	-
2020	1,442.13	92.64	14.25	6.27	-	-	-
2021	1,334.53	103.88	5.41	15.97	-	-	-
2022	392.74	129.31	899.76	-	-	-	-
2023	1,296.72	161.39	197.33	-	-	-	-
2024	1,381.84	162.42	137.75	-	-	-	-

Analysts Estimates (Million)

Item	Q4 2024 (e)	Q4 2024 (net income)	Change‬
Average	11.50	(36.16)	(414.5 %)

Estimates vs Actual (Million)

Item	Q4 2024 (e)	Q4 2024 (net income)	Change
Al Rajhi Capital	(12.00)	(36.16)	(201.4) %
United Securities Company	35.00	(36.16)	(203.3) %

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SPIMACO turns to SAR 24.5M profits in 2024, loses SAR 36.2M in Q4

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SPIMACO turns to SAR 24.5M profits in 2024, loses SAR 36.2M in Q4

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)

Financial Ratios

Financial results (Million)

Financial results (Million)

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Profit Performance (Million)

Profitability

Profitability

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