The Clap
SPIMACO (2070) recorded losses of SAR 171 million at the end of 2022, compared to a net profit of SAR 18 million in 2021.
What
SPIMACO, the largest drug manufacturing company in Saudi Arabia, explained that its loss last year was due to several reasons, including a decline in its annual revenue by 2.3%.
So What
The company’s revenue from pharmaceutical sales in 2022 decreased by 4.4% YoY as a result of the re-pricing of some of its products by the SFDA and changes in the sales mix.
Now What
Last year, SPIMACO’s services revenue experienced strong YoY growth of 20.5% due to the strong performance of the company’s medical services.
