Saudi Ceramics turns to SAR 210.4M net loss in 2023; Q4 loss at SAR 89.8M

Saudi Ceramic Co. (Saudi Ceramics) reported a net loss of SAR 210.4 million for 2023, versus a net profit of SAR 173.9 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	1,484.96	1,314.87	(11.5 %)
Gross Income	452.34	237.32	(47.5 %)
Operating Income	184.75	(20.80)	(111.3 %)
Net Income	173.92	(210.35)	(220.9 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	1.74	(2.10)	(220.9 %)

The losses were attributed to lower sales on a decline in selling prices, higher raw material cost and financing cost.

The ceramic producer also allocated a SAR 165 million provision to meet the impact of a fire in one of its factories. In addition, the company recognized an asset impairment of SAR 78 million in its subsidiary, Ceramic Pipes Co.

On the other hand, Saudi Ceramics recorded lower general and administrative expenses, as well as higher other income.

Q4 2023 net loss stood at SAR 89.8 million, against a net profit of SAR 41.8 million a year earlier.

On a quarterly basis, net losses shrank from SAR 168.5 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	383.42	381.29	(0.6 %)
Gross Income	108.37	23.25	(78.5 %)
Operating Income	47.37	(36.58)	(177.2 %)
Net Income	41.88	(89.79)	(314.4 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.42	(0.90)	(314.4 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	311.65	381.29	22.3 %
Gross Income	60.75	23.25	(61.7 %)
Operating Income	(7.31)	(36.58)	(400.7 %)
Net Income	(168.56)	(89.79)	46.7 %
Average Shares	100.00	100.00	-
EPS (Riyals)	(1.69)	(0.90)	46.7 %

Total shareholders’ equity, after minority interest, fell to SAR 1.50 billion as of Dec. 31, 2023, compared to SAR 1.75 billion a year earlier.

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Share Price

Saudi Ceramic Co. (SAUDI CERAMICS)

	Current
Market Cap (M Riyal)	3,440.00
Enterprise Value (EV) (M)	4,186.54
Shares Outstanding ((M))	100.00
EPS ( Riyal) (TTM)	(0.79)
Book Value (BV) ( Riyal)	15.08
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	2.28
Return on Average Assets (%) (TTM)	(2.63 )
Return on Average Equity (%) (TTM)	(5.10 )

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Saudi Ceramics turns to SAR 210.4M net loss in 2023; Q4 loss at SAR 89.8M

Financials (M)

Current Quarter Comparison (M)

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Share Price

Saudi Ceramic Co. (SAUDI CERAMICS)

Financial Ratios

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