Riyadh-Mubasher: Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) recorded net losses of SAR 9 million in the fourth quarter of 2015, against earnings of SAR 91 million in the same period of 2014.
The company attributed the fourth-quarter losses to the SAR 118.5 million losses recorded from impaired investment in Ibn Roshd Co.
SPIMACO posted net earnings of SAR 357 million for the 12-month period, rising 13% compared with SAR 317 million a year earlier.
The full-year profit growth was driven by an increase in sales and operating income by 15% and 7%, respectively.
