Saudi Pharmaceutical Industries and Medical Appliances Corp. announces its Interim Financial results for the Period Ending on 2024-03-31 ( Three Months )

Saudi Pharmaceutical Industries and Medical Appliances Corp. announces its Interim Financial results for the Period Ending on 2024-03-31 ( Three Months )

| Consolidated net profit amounted to SAR 39.9 million in Q1 FY2024 compared to a net profit of SAR 56.8 million in Q1 FY2023 mainly driven by the net impact of the following:

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• Revenue: Decreased by 10.6%, or the equivalent of SAR 56.4 million, to SAR 475.4 million on the back of weaker revenue from sale of products while revenue from services came in relatively stable.

•Gross Profit: Decreased by 2.0%, or the equivalent of SAR 5.1 million, down to SAR 252.2 million for Q1 FY2024.

•Selling, General and Administrative Expenses (SG&A): Decreased 8.7%, the equivalent of SAR 14.1 million, to SAR 147.6 million compared to SAR 161.8 million in Q1 FY2023.

• Research and Development Expenses (R&D): Increased 36.8%, the equivalent of SAR 4.7 million to SAR 17.3 million on increased lab and employee expenses.

•Operating Profit: Decreased 17.7%, or the equivalent of SAR 12.4 million, to a profit of SAR 57.6 million compared to SAR 70.0 million reported in Q1 FY2023.

• Net Finance Cost: Increased by 46.9% to SAR 16.8 million from SAR 11.4 million in Q1 FY2023. The increase stemmed from higher prevailing interest rates and slightly higher debt balances.