Riyadh – Mubasher: Saudi Pharmaceutical Industries and Medical Appliances Corporation’s (Spimaco) net profits dropped 78.28% year-on-year to SAR 51.6 million ($13.76 million) in the second quarter of 2016 from SAR 237.6 million ($63.35 million).
The net profit decrease was attributed to capital profits achieved through selling one of the company’s investments at a value of SAR 151.3 million last year, added to lower income from dividends of companies Spimaco invested in.
Higher general and administrative expenses, and financial expenses also contributed to the lower profit, according to a bourse filing on Wednesday.
The Saudi-listed company’s profits also retreated 53% to SAR 158.2 million in the first six months of 2016 from SAR 337 million in the same period of the previous year.
