Saudi Pharmaceutical profits surge 25% to SR30.7 mln in 1Q

Saudi Pharmaceutical Industries and Medical Appliances Corp. announced that its profits after zakat and tax rose 25.3% to SR 30.7 million in the first quarter of 2022 compared to 24.5 million during the same period of 2021.

This came after Saudi Pharmaceutical announcement on Tuesday of the preliminary financial results for the period ending on 31.03.2022 (three months).

The company’s operational profit soared 45.6% to SR 37.3 million in the 1^st quarter of the current year from SR 25.6 million in the same period of the previous year.

Gross profit of Saudi Pharmaceutical surged 30.12% to SR 184.8 million in the first quarter of this year from SR 142 million a year ago, while the profit per share climbed to SR 0.28 from SR 0.22.

The net profit increased by SAR 6.2 million (25%) as result of increase in operating profit by SAR 11.7 million (45%) and increase in gross profit by SAR 42.8 million (30%). The sales mix had a positive impact on the gross profit for the current quarter. Also, improvement in the production utilization positively impacted the cost of sales and hence improved the gross profit. The increase in gross profit was partially offset by the increase in operating expenses which increased by SAR 15.6 million in line with the growth plan.

The Company reported net profit of SAR 30.66 million for the current quarter compared to net loss of SAR 41.92 million for the previous quarter. The improvement in net profit is mainly due to the increase in revenues by SAR 85.8 million (23%) which resulted in the increase of operating profit by SAR 56.5 million.

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.