The Saudi Company for Pharmaceutical Industries and Medical Appliances incurred losses amounting to 51.77 million riyals in the second quarter of 2022, compared to profits of 29 million riyals, in the second quarter of 2021.
According to Arabia Net, the pharmaceutical company had achieved profits in the previous quarter, amounting to 30.66 million riyals.
During the first half of 2022, the company incurred losses of 21.1 million riyals, compared to profits of 53.6 million riyals, in the first half of 2021.
The company said in a statement published on the Saudi Tadawul Group website that the losses in the first quarter are due to several reasons, including a decrease in gross profit by 52.47 million riyals, with a decrease rate (-30%), as the change in the sales mix had a negative impact on the total profit during the current profit, in addition to Re-pricing of some products by the Food and Drug Authority and a decrease in sales of one of the products.
The total operating profit also decreased by 72 million riyals (-220-%), due to an increase in operating expenses by 20 million riyals, in line with the company's strategy of transformation.
