Riyadh – Mubasher: Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) on Thursday announced completing the construction works of its new unit in Morocco at Berrechid region in Casablanca city.
The Saudi drugmaker said it is currently working on electromechanical business and other services, according to a statement to the Saudi Stock Exchange (Tadawul).
The firm further noted that it expects to end the project by the end of the first quarter of 2019.
In January, SPIMACO announced that its planned pharmaceutical plant in Morocco was projected to be finalised by Q4-18, instead of Q4-2017.
In November 2017, the Tadawul-listed company indicated that its Morocco branch would establish a new huge production unit in the industrial zone in Berrechid with total investments of $40 million.
SPIMACO last reported a 35.6% year-on-year profit drop during the first nine months of 2018, amounting to SAR 87.98 million, compared to SAR 136.64 million.
In Q3-18, the company incurred a loss of SAR 3.35 million after calculating zakat and tax, compared to SAR 16.72 million in Q3-17.
SPIMACO's stock inched up 0.86% to close Wednesday's trading session at SAR 29.30.
