Saudi pharma SPIMACO swings to $6m loss as revenue dips 10% in H1

RIYADH: Saudi Pharmaceutical Industries and Medical Appliances Corp.’s first-half earnings were weighed down by lower sales, resulting in losses of SR21 million ($6 million).

The Saudi-listed pharma, known as SPIMACO, swung to losses from SR54 million in profit during the same period in 2021, according to a bourse filing.

The results were attributed to lower sales of SR700 million, driven by an adverse sales mix as well as the repricing of some products by the Saudi Food and Drug Authority.

Established in 1986, SPIMACO is one of the biggest players in the Saudi medical sector, engaged in manufacturing and distributing pharmaceutical products and medical appliances.