Riyadh – Mubasher: Saudi Pharmaceutical Industries and Medical Appliances Corporation’s (Spimaco) net profits declined 76.71% year-on-year to SAR 6.8 million in the third quarter of 2016 from SAR 29.2 million.
The net profit decrease was attributed to lower income from the profits distributions of the companies investing in, according to a bourse filing on Tuesday.
Higher general and administrative expenses, and financial expenses also contributed to the lower profit.
SPIMACO noted that Al Qassim Medical Services Co's financials boosted the mother company's results in the third-quarter period regarding the sales and operating profits.
The Saudi-listed company’s profits also retreated 55% to SAR 165 million in the first nine months of 2016 from SAR 366.2 million in the same period of the previous year.
