Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) swung to a net loss of SR33.3 million in the third quarter of 2026, from a net profit of SR42.14 million a year earlier, according to preliminary results published on the Saudi Exchange on Thursday.
Quarterly revenue fell 6.6% to SR388.1 million from SR415.3 million. Operating profit dropped 58.1% to SR27.1 million from SR64.7 million, according to figures compiled by Argaam.
The Riyadh-listed drugmaker had earned SR68.41 million in the second quarter of 2026. Its loss per share for the third quarter was SR0.28.
Nine-month profit down 31%
For the first nine months of the year, net profit fell 31.2% to SR100.2 million from SR145.59 million. Revenue was almost flat at SR1.3 billion, while gross profit rose 9.3% to SR683.9 million.
SPIMACO said the decline included a one-off charge of SR23 million from reversing a deferred tax asset. The reversal followed the sale of its foreign principal shareholder’s stake in the company and a reassessment of the related tax treatment.
Other income fell 96%, or SR37 million, mainly because the same period of 2025 included a gain from selling fixed assets. Impairment losses on financial assets rose by SR29 million, which the company linked to lower collection rates and higher credit risk on trade receivables.
Shareholders’ equity after minority interest stood at SR1.64 billion at the end of September, up from SR1.55 billion a year earlier.
