Saudi Pharmaceutical Industries and Medical Appliances Corp. announces its Annual Financial Results for the Period Ending on 2022-12-31

Saudi Pharmaceutical Industries and Medical Appliances Corp. announces its Annual Financial Results for the Period Ending on 2022-12-31

| Consolidated net loss amounted to SAR 171.2 million in FY2022 compared to a net profit of SAR 18.1 million in FY2021 mainly driven by the net impact of the following:

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• Revenue: Declined by 2.3%, or the equivalent of SAR 33.4 million, to SAR 1,426.3 million on the back of slightly weaker revenue from sale of products which was partially offset by stronger services revenue growth.

Revenue from sale of products reported a drop of 4.4% down to SAR 1,275.5 million due to the repricing of some products by SFDA, unfavorable sales mix, as well as a decrease in sales of one of our licensor products which had an overall negative impact on value sales. This was partly compensated by an increase in volume sales of 22% Year-over-Year (YoY) to 94 million packs up, up from 77 million packs last year.

On the other hand, revenue from services reported a strong annual growth of 20.5% supported by robust performance from medical services.

• Gross Profit: Decreased by SAR 54.3 million (-8.8%) to SAR 566.3 million for FY2022 primarily due to an unfavorable change in sales mix, price revisions from the SFDA, lower sales for one of licensor products coupled with ongoing inflationary pressures