Financial Results : Saudi Ceramic turns to SAR 10.6 mln profit in Q1 2020

Saudi Ceramic turns to SAR 10.6 mln profit in Q1 2020

21/04/2020 Argaam Exclusive

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Saudi Ceramic Co. reported a net profit after Zakat and tax of SAR 10.6 million for the first quarter of 2020, against a net loss of SAR 25 million a year earlier.

 

The solid performance was driven by higher sales volumes, revenue and average selling prices, along with a decline in the depreciation costs of equipment and properties.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 309.60 393.33 27.0 %
Gross Income 52.46 85.90 63.8 %
Operating Income (12.71) 20.83 263.8 %
Net Income (25.05) 10.64 142.5 %
Average Shares 100.00 100.00 -
EPS (Riyals) (0.25) 0.11 142.5 %

The first quarter net profit after Zakat and tax dropped 23% when compared to Q4 2019, hit by lower selling prices of some tile and heater products in Q1 2020.

 

In addition, the ceramic producer adjusted some provisions by the end of 2019, which reflected positively on the previous quarter figures.

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