Saudi Ceramics sets aside SAR 25 mln provision

Saudi Ceramics Co. on Sunday set aside SAR 25 million as provision against impairment of assets at its associate company, Ceramic Pipes Company (CPC), it said in a statement to the Saudi Stock Exchange, Tadawul.

The financial impact will be reflected in the third quarter of this year.

CPC, 50 percent owned by Saudi Ceramics, recently conducted an “impairment test with a result of SAR 50 million loss in asset revaluation”, half of which will be shouldered by Saudi Ceramics.