Saudi pharmaceutical and health products company Spimaco Pharmaceutical announced an 85.02% increase in net profit for the first quarter of 2023 to 56.8 million rials, compared to 30.7 million rials in the same quarter of the previous year.
On a quarterly basis, the company’s results shifted towards profit-taking in the first quarter after a loss of 104.2 million rials in the fourth quarter of 2022.
The company said in a statement to Tadavul Saudi Arabia today, Tuesday, that the increase in profits is due to a 36.7% increase in revenue, or the equivalent of 142.8 million rials, to 531.2 million rials.
The company said the increase in revenue was driven by strong growth in pharmaceutical sales and services revenue.
Pharmaceuticals sales rose 37.3% year-on-year to reach 486.9 million rials on a broad improvement in sales across all sales channels, especially in the private and public sectors, driven by seasonal factors in the first quarter, which is one of the strongest quarters in the pharmaceutical sector in Saudi Arabia.
Services revenue posted a solid year-on-year growth of 29.9%, supported by continued high performance in medical services.
