Saudi Pharmaceutical Industries and Medical Supplies achieved a 145% increase in profits for the third quarter of 2020 to reach 62.5 million riyals, compared to 25.51 million riyals during the same period last year .
According to Arabiya Net, the company clarified in a statement that the reason for recording profits is due to the increase in sales by 10.5%, compared with the same quarter of the previous year, to the improvement in the sector's sales Mainly private and export sector sales.
The company also achieved a 17.3% increase in gross profit during the current quarter as a result of substantially reducing the cost of sales, the main reason being the increase in production efficiency. As a result of the above, operating profit increased by 41.8% and net profit by 144.9% during the current quarter compared to the same quarter of the previous year.
The company recorded a net profit after zakat and tax amounting to 130 million riyals with the end of the first nine months in 2020, compared to recording a loss of 195 million riyals during the same period of the previous year .
The increase in net profit over 9 months is due to the improvement in private sector sales and export sales during the current period. Also, the company has achieved during the current period an increase in gross profit by 34.6% due to substantially reducing the cost of sales, the most important of which was the increase in production efficiency. As a result, and for the decrease in operating expenses by 6%, the operating profit and net profit increased during the current period compared to the same period of the previous year.
