Saudi pharma giant SPIMACO’s profit rises 25% to $8m in Q1

RIYADH:  Saudi Pharmaceutical Industries and Medical Appliances Corp., or SPIMACO, has posted a 25 percent rise in profit in the first quarter, compared to the same quarter a year earlier.

Profits of the Saudi-listed firm went up from SR24 million ($6.4 million) to SR31 million, according to a bourse filing.

The increase in profit was driven by a 30 percent growth in gross profit, coupled with a 45 percent increase in operating expenses.

Established in 1986, SPIMACO has been engaged in the medical and pharmaceutical industry, including the development, manufacturing, and distribution of pharmaceutical products and medical appliances.