Companies / Saudi Arabia
SPIMACO Records Strong Profits
May 2006 | Company Finance AlertSaudi Arabian drugmaker SPIMACO reported profits of SAR96.85mn (US$25.82mn) in 2005, representing an increase of 47% compared to 2004, when profits stood at SAR65.5mn (US$17.47mn). These figures represent operational profits, though, and do not include income from other investments. SPIMACO's strong performance reflects a rise in the company's sales both domestically and outside Saudi Arabia. Turnover reached SAR649mn (US$173.04mn) in 2005, compared to a figure of SAR582.5mn (US$155.31mn) in 2004. Plans for 2006 include increasing investment in a number of production sectors, developing commercial trademarks, and expansion throughout the GCC
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