Saudi Pharmaceutical Industries & Medical Appliances Corporation (Spimaco) was founded in 1986 with the objective of developing an indigenous pharmaceuticals industry. The private sector has an 80 per cent stake in the company.

The rest of the shares are owned by Amman-based Arab Company for Drug Industries & Medical Appliances. It manufactures generic medicines, and is seeking ISO 9001 certification for its factory in Buraidah, in central Saudi Arabia.

Recent developments include the establishment of the ARAC Healthcare Company, a joint venture with the Al-Khuraif Group. The new entity is to help market Spimaco products to retail customers. The deal will allow Al-Khuraif's network of 60 shops to sell Spimaco pharmaceuticals.

Spimaco has taken strategic stakes in local companies, including a 9 per cent share in Arabian Industrial Fibers Company (Ibn Rushd), the Yanbu-based polyester fiber company. Spimaco has a 25 per cent share in Asha'a, a limited liability X-ray film manufacturer, and a 51 per cent share in Enayah, a limited liability non-woven garment factory.

Spimaco is a minority shareholder in the Saudi Venture Capital Group. The company was adversely affected by slow and delayed payments for products supplied to the Health Ministry. All the amounts due to Spimaco are to be paid off in annual installments by the end of 2000.

The company reports that the Health Ministry is now paying in a timely way for orders placed since the end of 1994. In order to reduce Spimaco's exposure to government agencies, the company has worked hard to increase sales to the private sector and exports.

In 1996, these sales accounted for 44 per cent of total sales. In 1993, the figure was little more than 10 per cent. Nevertheless, the Health Ministry continues to be Spimaco's largest customer.

Individuals	N/A
Institutions	20%
Floating	N/A
Government	N/A

Director	Abdullah A. Aba Al Khall
Director	Abdullah Bin Zamil Al Saleh Al Salim
Director	Abdulrahman Al Saleh Al Homaidan
Director	Fahed Ibrahim Suleiman Al Jarbou'a
Director	Mohammad Saad Al Nokhelan
Chairman	Saleh Abdulaziz Al Omeir
Director	Youssef Hassan Nasef

	2004	2003	2002
Total Assets	1,922,902	1,584,830	1,604,889
Shareholder's Equity	1,563,448	1,218,627	1,187,108
NIAT	65,485	40,105	80,500
Dividends	60,000	48,000	84,000

	2004	2003	2002
Assets Growth	21.33%	-1.25%	0.60%
Earning Growth	63.29%	-50.18%	13.84%
ROaA	3.73%	2.52%	5.03%
ROaE	4.71%	3.33%	6.76%
No. Of Shares	12,000,000	12,000,000	12,000,000
EPS	5.46	3.34	6.71
EPS Growth	63.29%	-50.18%	13.84%
Payout Ratio	91.623	119.686	104.348

	Trailing
PE
PB
DVPS
Div Yield
EV
EV/Equity

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