SPIMACO’s H1 net profit plunges 53%

27/07/2016 Argaam Exclusive

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Saudi Pharmaceutical Industries and Medical Appliances Corp (SPIMACO)

Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO), Saudi Arabia's largest pharmaceutical products producer, reported a net profit of SAR 158.2 million, a 53.1 percent year-on-year (YoY) drop attributed to lower income and higher general and administrative expenses as a result of merging Qassim Medical Company. The Qassim Medical merger, however, had a positive impact on sales and operating profit.

The same period last year had also benefited from the sale of one of the company’s investments.

Financials (M)

Item	6m 2015	6m 2016	Change‬
Revenues	868.00	661.75	(23.8 %)
Gross Income	436.81	377.84	(13.5 %)
Operating Income	139.36	80.72	(42.1 %)
Net Income	337.02	128.53	(61.9 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	2.81	1.07	(61.9 %)

Net profit for the second quarter plunged 78.3 percent to SAR 51.6 million compared to the same quarter last year also due to lower income and higher general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2015	Q2 2016	Change‬
Revenues	435.80	339.54	(22.1 %)
Gross Income	210.95	183.58	(13.0 %)
Operating Income	48.02	27.50	(42.7 %)
Net Income	237.63	39.61	(83.3 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	1.98	0.33	(83.3 %)

Item	Q1 2016	Q2 2016	Change‬
Revenues	322.20	339.54	5.4 %
Gross Income	194.26	183.58	(5.5 %)
Operating Income	53.22	27.50	(48.3 %)
Net Income	88.91	39.61	(55.4 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.74	0.33	(55.4 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2007	203.37	4.6 %	91.01	(1.0 %)	39.50	4.9 %	0.39
Q2 2007	209.28	12.7 %	66.46	(7.0 %)	22.57	18.0 %	0.22
Q3 2007	149.40	(4.6 %)	66.84	3.6 %	26.53	11.4 %	0.26
Q4 2007	235.70	23.3 %	102.31	27.0 %	33.28	36.1 %	0.33
2007	797.75	9.6 %	326.62	5.9 %	121.87	16.0 %	1.20
Q1 2008	220.58	8.5 %	99.57	9.4 %	40.93	3.6 %	0.40
Q2 2008	211.66	1.1 %	74.78	12.5 %	34.24	51.7 %	0.34
Q3 2008	145.45	(2.6 %)	74.34	11.2 %	15.62	(41.1 %)	0.15
Q4 2008	294.26	24.8 %	114.28	11.7 %	37.48	12.6 %	0.37
2008	871.94	9.3 %	362.97	11.1 %	128.27	5.2 %	1.26
Q1 2009	257.88	16.9 %	108.57	9.0 %	42.69	4.3 %	0.42
Q2 2009	229.00	8.2 %	81.53	9.0 %	37.81	10.4 %	0.37
Q3 2009	171.15	17.7 %	72.49	(2.5 %)	15.84	1.4 %	0.16
Q4 2009	292.71	(0.5 %)	157.00	37.4 %	58.48	56.0 %	0.58
2009	950.74	9.0 %	419.59	15.6 %	154.81	20.7 %	1.53
Q1 2010	274.33	6.4 %	118.90	9.5 %	45.32	6.2 %	0.38
Q2 2010	252.34	10.2 %	100.50	23.3 %	43.09	14.0 %	0.36
Q3 2010	191.40	11.8 %	85.88	18.5 %	18.07	14.1 %	0.15
Q4 2010	319.57	9.2 %	181.12	15.4 %	70.04	19.8 %	0.58
2010	1,037.64	9.1 %	486.40	15.9 %	176.52	14.0 %	1.47
Q1 2011	252.08	(8.1 %)	123.51	3.9 %	45.71	0.9 %	0.38
Q2 2011	292.08	15.7 %	123.61	23.0 %	60.75	41.0 %	0.51
Q3 2011	209.24	9.3 %	106.76	24.3 %	29.75	64.6 %	0.25
Q4 2011	375.82	17.6 %	206.69	14.1 %	74.06	5.7 %	0.62
2011	1,129.22	8.8 %	560.57	15.2 %	211.44	19.8 %	1.76
Q1 2012	303.14	20.3 %	153.21	24.0 %	56.45	23.5 %	0.47
Q2 2012	286.64	(1.9 %)	140.91	14.0 %	90.14	48.4 %	0.75
Q3 2012	227.40	8.7 %	113.28	6.1 %	32.33	8.7 %	0.27
Q4 2012	365.97	(2.6 %)	211.16	2.2 %	53.73	(27.5 %)	0.45
2012	1,183.15	4.8 %	618.56	10.3 %	232.65	10.0 %	1.94
Q1 2013	361.37	19.2 %	184.62	20.5 %	63.15	11.9 %	0.53
Q2 2013	344.22	20.1 %	179.12	27.1 %	113.71	26.1 %	0.95
Q3 2013	222.91	(2.0 %)	118.64	4.7 %	34.19	5.8 %	0.28
Q4 2013	382.01	4.4 %	226.14	7.1 %	57.01	6.1 %	0.48
2013	1,310.50	10.8 %	708.52	14.5 %	266.82	14.7 %	2.22
Q1 2014	405.21	12.1 %	206.72	12.0 %	91.17	44.4 %	0.76
Q2 2014	371.14	7.8 %	193.14	7.8 %	97.72	(14.1 %)	0.81
Q3 2014	266.02	19.3 %	134.45	13.3 %	36.69	7.3 %	0.31
Q4 2014	431.06	12.8 %	261.80	15.8 %	91.29	60.1 %	0.76
2014	1,470.19	12.2 %	794.54	12.1 %	316.85	18.8 %	2.64
Q1 2015	432.20	6.7 %	225.86	9.3 %	99.39	9.0 %	0.83
Q2 2015	435.80	17.4 %	210.95	9.2 %	237.63	143.2 %	1.98
Q3 2015	308.27	15.9 %	131.32	(2.3 %)	29.16	(20.5 %)	0.24
Q4 2015	520.38	20.7 %	266.38	1.7 %	(9.12)	(110.0 %)	(0.08)
2015	1,705.05	16.0 %	848.60	6.8 %	357.05	12.7 %	2.98
Q1 2016	322.20	(25.4 %)	194.26	(14.0 %)	88.91	(10.5 %)	0.74
Q2 2016	339.54	(22.1 %)	183.58	(13.0 %)	39.61	(83.3 %)	0.33

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	727.84	12.2 %	308.42	13.8 %	105.04	9.2 %	1.03
2007	797.75	9.6 %	326.62	5.9 %	121.87	16.0 %	1.20
2008	871.94	9.3 %	362.97	11.1 %	128.27	5.2 %	1.26
2009	950.74	9.0 %	419.59	15.6 %	154.81	20.7 %	1.53
2010	1,037.64	9.1 %	486.40	15.9 %	176.52	14.0 %	1.47
2011	1,129.22	8.8 %	560.57	15.2 %	211.44	19.8 %	1.76
2012	1,183.15	4.8 %	618.56	10.3 %	232.65	10.0 %	1.94
2013	1,310.50	10.8 %	708.52	14.5 %	266.82	14.7 %	2.22
2014	1,470.19	12.2 %	794.54	12.1 %	316.85	18.8 %	2.64
2015	1,705.05	16.0 %	848.60	6.8 %	357.05	12.7 %	2.98

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	41.73 %	17.98 %	14.51 %
Q2 2007	39.78 %	14.82 %	14.51 %
Q3 2007	40.47 %	15.48 %	15.01 %
Q4 2007	40.94 %	15.79 %	15.28 %
2007	40.94 %	15.79 %	15.28 %
Q1 2008	41.13 %	15.70 %	15.13 %
Q2 2008	42.03 %	16.67 %	16.57 %
Q3 2008	43.15 %	16.47 %	15.83 %
Q4 2008	41.63 %	16.30 %	15.25 %
2008	41.63 %	16.30 %	15.16 %
Q1 2009	40.91 %	16.13 %	14.83 %
Q2 2009	40.87 %	16.44 %	14.89 %
Q3 2009	39.57 %	15.73 %	14.07 %
Q4 2009	44.13 %	18.49 %	16.63 %
2009	44.13 %	18.49 %	16.63 %
Q1 2010	44.45 %	18.88 %	16.94 %
Q2 2010	45.32 %	18.93 %	17.07 %
Q3 2010	45.73 %	18.73 %	16.95 %
Q4 2010	46.88 %	18.85 %	17.32 %
2010	46.88 %	18.85 %	17.32 %
Q1 2011	48.36 %	18.99 %	17.42 %
Q2 2011	48.73 %	19.12 %	18.44 %
Q3 2011	49.86 %	19.99 %	19.22 %
Q4 2011	49.64 %	19.57 %	18.62 %
2011	49.64 %	19.65 %	18.72 %
Q1 2012	50.01 %	19.86 %	18.73 %
Q2 2012	51.72 %	20.36 %	21.31 %
Q3 2012	51.47 %	20.54 %	21.21 %
Q4 2012	52.28 %	19.56 %	19.66 %
2012	52.28 %	19.56 %	19.66 %
Q1 2013	52.36 %	19.26 %	19.28 %
Q2 2013	52.98 %	18.87 %	20.24 %
Q3 2013	53.58 %	18.66 %	20.45 %
Q4 2013	54.06 %	18.26 %	20.45 %
2013	54.06 %	18.16 %	20.36 %
Q1 2014	53.95 %	17.92 %	21.86 %
Q2 2014	53.91 %	17.74 %	20.28 %
Q3 2014	53.39 %	16.79 %	19.84 %
Q4 2014	54.03 %	18.15 %	21.50 %
2014	54.04 %	18.15 %	21.55 %
Q1 2015	54.34 %	18.90 %	21.67 %
Q2 2015	53.23 %	18.31 %	20.04 %
Q3 2015	51.63 %	17.40 %	19.05 %
Q4 2015	49.19 %	17.17 %	19.11 %
2015	49.77 %	16.85 %	19.02 %
Q1 2016	50.60 %	15.90 %	18.80 %
Q2 2016	52.04 %	15.52 %	16.88 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	42.37 %	17.65 %	14.43 %
2007	40.94 %	15.79 %	15.28 %
2008	41.63 %	16.30 %	15.16 %
2009	44.13 %	18.49 %	16.63 %
2010	46.88 %	18.85 %	17.32 %
2011	49.64 %	19.65 %	18.72 %
2012	52.28 %	19.56 %	19.66 %
2013	54.06 %	18.16 %	20.36 %
2014	54.04 %	18.15 %	21.55 %
2015	49.77 %	16.85 %	19.02 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	44.75 %	23.06 %	19.42 %
Q2 2007	31.76 %	4.83 %	10.79 %
Q3 2007	44.74 %	20.85 %	17.75 %
Q4 2007	43.41 %	16.03 %	14.12 %
Q1 2008	45.14 %	22.16 %	18.55 %
Q2 2008	35.33 %	8.71 %	16.39 %
Q3 2008	51.11 %	19.82 %	13.64 %
Q4 2008	38.84 %	15.63 %	12.74 %
Q1 2009	42.10 %	20.70 %	16.62 %
Q2 2009	35.60 %	10.54 %	16.51 %
Q3 2009	42.35 %	15.37 %	9.25 %
Q4 2009	53.64 %	24.60 %	21.04 %
Q1 2010	43.34 %	21.92 %	17.70 %
Q2 2010	39.83 %	11.52 %	17.08 %
Q3 2010	44.87 %	14.68 %	9.44 %
Q4 2010	56.68 %	24.50 %	21.92 %
Q1 2011	49.00 %	22.74 %	18.13 %
Q2 2011	42.32 %	13.00 %	20.80 %
Q3 2011	51.02 %	19.57 %	14.22 %
Q4 2011	55.00 %	22.56 %	19.71 %
Q1 2012	50.54 %	23.32 %	18.62 %
Q2 2012	49.16 %	14.95 %	31.45 %
Q3 2012	49.82 %	20.53 %	14.22 %
Q4 2012	57.70 %	19.47 %	14.68 %
Q1 2013	51.09 %	21.68 %	17.48 %
Q2 2013	52.04 %	14.20 %	33.03 %
Q3 2013	53.22 %	19.34 %	15.34 %
Q4 2013	59.20 %	18.05 %	14.92 %
Q1 2014	51.02 %	20.19 %	22.50 %
Q2 2014	52.04 %	13.80 %	26.33 %
Q3 2014	50.54 %	13.97 %	13.79 %
Q4 2014	60.73 %	22.54 %	21.18 %
Q1 2015	52.26 %	22.70 %	23.00 %
Q2 2015	48.40 %	12.42 %	19.81 %
Q3 2015	42.60 %	9.85 %	9.46 %
Q4 2015	51.19 %	20.88 %	21.02 %
Q1 2016	60.29 %	18.36 %	22.80 %
Q2 2016	54.07 %	9.77 %	11.67 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2007	101.51	1.05	1.05	19.84
Q2 2007	101.51	1.09	1.09	19.42
Q3 2007	101.51	1.11	1.11	21.04
Q4 2007	101.51	1.20	1.20	28.41
Q1 2008	101.51	1.21	1.21	26.83
Q2 2008	101.51	1.33	1.33	27.74
Q3 2008	101.51	1.22	1.27	21.88
Q4 2008	101.51	1.26	1.31	13.76
Q1 2009	101.51	1.28	1.33	14.17
Q2 2009	101.51	1.32	1.36	17.62
Q3 2009	101.51	1.32	1.32	19.72
Q4 2009	101.51	1.53	1.56	21.46
Q1 2010	120.00	1.31	1.36	22.04
Q2 2010	120.00	1.36	1.41	19.98
Q3 2010	120.00	1.37	1.43	21.69
Q4 2010	120.00	1.47	1.50	24.48
Q1 2011	120.00	1.47	1.47	25.41
Q2 2011	120.00	1.62	1.62	27.29
Q3 2011	120.00	1.72	1.72	25.92
Q4 2011	120.00	1.75	1.75	26.50
Q1 2012	120.00	1.84	1.84	30.26
Q2 2012	120.00	2.09	2.09	25.75
Q3 2012	120.00	2.11	2.11	26.24
Q4 2012	120.00	1.94	1.94	25.28
Q1 2013	120.00	1.99	1.99	27.18
Q2 2013	120.00	2.19	2.19	26.14
Q3 2013	120.00	2.21	2.21	27.35
Q4 2013	120.00	2.23	2.23	32.18
Q1 2014	120.00	2.47	2.47	32.96
Q2 2014	120.00	2.33	2.33	33.21
Q3 2014	120.00	2.35	2.35	35.74
Q4 2014	120.00	2.64	2.64	28.75
Q1 2015	120.00	2.71	2.71	27.84
Q2 2015	120.00	3.87	2.61	28.72
Q3 2015	120.00	3.81	2.55	24.87
Q4 2015	120.00	2.98	2.70	22.17
Q1 2016	120.00	2.89	2.49	20.84
Q2 2016	120.00	1.24	2.10	20.49

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	101.51	1.03	1.03	19.65
2007	101.51	1.20	1.20	28.41
2008	101.51	1.26	1.30	13.76
2009	101.51	1.53	1.56	21.46
2010	120.00	1.47	1.50	24.48
2011	120.00	1.76	1.76	26.50
2012	120.00	1.94	1.94	25.28
2013	120.00	2.22	2.22	32.18
2014	120.00	2.64	2.64	28.75
2015	120.00	2.98	2.70	22.17

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2007	30.19	30.19	1.60
Q2 2007	28.33	28.33	1.59
Q3 2007	28.70	28.70	1.52
Q4 2007	33.83	33.83	1.43
Q1 2008	27.68	27.68	1.25
Q2 2008	26.79	26.70	1.28
Q3 2008	20.49	19.74	1.14
Q4 2008	12.99	12.53	1.19
Q1 2009	14.92	14.39	1.35
Q2 2009	17.20	16.65	1.28
Q3 2009	18.29	18.26	1.22
Q4 2009	15.25	14.94	1.08
Q1 2010	16.69	16.04	0.99
Q2 2010	14.70	14.15	1.00
Q3 2010	14.64	14.10	0.93
Q4 2010	15.82	15.53	0.95
Q1 2011	17.65	17.65	1.02
Q2 2011	15.68	15.68	0.93
Q3 2011	14.41	14.41	0.96
Q4 2011	15.03	15.03	0.99
Q1 2012	17.92	17.92	1.09
Q2 2012	12.56	12.56	1.02
Q3 2012	13.70	13.70	1.10
Q4 2012	14.74	14.74	1.13
Q1 2013	13.60	13.60	1.00
Q2 2013	15.51	15.51	1.30
Q3 2013	15.70	15.70	1.27
Q4 2013	19.02	19.02	1.32
Q1 2014	19.07	19.07	1.43
Q2 2014	19.29	19.29	1.36
Q3 2014	21.41	21.41	1.41
Q4 2014	12.89	12.89	1.18
Q1 2015	14.78	14.78	1.44
Q2 2015	11.59	17.18	1.56
Q3 2015	9.46	14.14	1.45
Q4 2015	11.16	12.29	1.50
Q1 2016	11.15	12.96	1.55
Q2 2016	29.96	17.69	1.81

Period	P/E	Adjusted P/E	Price/book
2006	33.13	33.13	1.74
2007	33.83	33.83	1.43
2008	12.99	12.60	1.19
2009	15.25	14.94	1.08
2010	15.82	15.53	0.95
2011	14.95	14.95	0.99
2012	14.74	14.74	1.13
2013	19.11	19.11	1.32
2014	12.89	12.89	1.18
2015	11.16	12.29	1.50

Business Segments (Million)

Compared With The

Period	Medical & Pharmaceutical production segment	Investment activity	Eliminations
Q1 2007	203.37	-	-
Q2 2007	209.28	-	-
Q3 2007	149.40	-	-
Q4 2007	235.69	-	-
Q1 2008	220.58	-	-
Q2 2008	211.66	-	-
Q3 2008	145.45	-	-
Q4 2008	294.25	-	-
Q1 2009	257.88	-	-
Q2 2009	229.00	-	-
Q3 2009	171.15	-	-
Q4 2009	292.71	-	-
Q1 2010	274.33	-	-
Q2 2010	252.34	-	-
Q3 2010	191.41	-	-
Q4 2010	319.57	-	-
Q1 2011	252.08	-	-
Q2 2011	292.08	-	-
Q3 2011	209.24	-	-
Q4 2011	375.82	-	-
Q1 2012	303.14	-	-
Q2 2012	286.65	-	-
Q3 2012	227.40	-	-
Q4 2012	365.97	-	-
Q1 2013	361.37	-	-
Q2 2013	344.22	-	-
Q3 2013	222.91	-	-
Q4 2013	382.01	-	-
Q1 2014	405.21	-	-
Q2 2014	374.14	-	-
Q3 2014	266.02	-	-
Q4 2014	427.82	-	-
Q1 2015	432.29	14.84	-
Q2 2015	436.99	195.93	-
Q3 2015	308.38	9.55	-
Q4 2015	529.24	-	-
Q1 2016	513.97	25.27	-
Q2 2016	494.92	9.41	-

Period	Medical & Pharmaceutical production segment	Investment activity	Eliminations
2006	727.84	-	-
2007	797.75	-	-
2008	871.94	-	-
2009	950.74	-	-
2010	1,037.64	-	-
2011	1,129.22	-	-
2012	1,183.15	-	-
2013	1,310.50	-	-
2014	1,470.19	-	-
2015	1,706.80	115.14	-

Analysts Estimates (Million)

Item	Q2 2016 (e)	Q2 2016 (a)	Change‬
Average	96.80	39.61	(59.1 %)

Estimates vs Actual (Million)

Item	Q2 2016 (e)	Q2 2016 (a)	Change
OSOOL AND BAKHEET	96.80	39.61	(59.1) %

Financial Ratios

	Current
Market Cap (M Riyal)	3,744.00
Enterprise Value (EV) (M)	4,825.48
Shares Outstanding ((M))	120.00
EPS ( Riyal) (TTM)	(0.27)
Book Value (BV) ( Riyal)	12.89
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	2.42
Return on Average Assets (%) (TTM)	(0.76 )
Return on Average Equity (%) (TTM)	(2.09 )

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SPIMACO’s H1 net profit plunges 53%

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Share Price

Saudi Pharmaceutical Industries and Medical Appliances Corp (SPIMACO)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2016 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

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SPIMACO’s H1 net profit plunges 53%

View other reports

Share Price

Saudi Pharmaceutical Industries and Medical Appliances Corp (SPIMACO)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2016

Revenue by Business Segment (Latest) 2016 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)