Saudi Ceramic swings to net profit of SAR 17.2 mln in H1 2020

23/07/2020 Argaam Exclusive

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Saudi Ceramic Co. turned to a net profit after Zakat and tax of SAR 17.2 million for H1 2020, against a net loss of SAR 41.2 million in the same period last year, backed by improved sales volumes and selling prices.

The company also reported a decline in general and administrative expenses, finance charges and depreciation costs.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	583.44	775.32	32.9 %
Gross Income	113.11	188.40	66.6 %
Operating Income	(18.48)	50.82	375.0 %
Net Income	(41.15)	17.20	141.8 %
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.41)	0.17	141.8 %

In Q2 2020, the ceramic producer also swung to a net profit after Zakat and tax of SAR 6.6 million, compared to a net loss of SAR 16 million in Q2 2019, thanks to better selling average prices and sales volumes, along with an expansion in the retail sector.

When compared to the previous quarter, Q2 net profit fell by 38.3%, on an increase of SAR 21 million in some provisions. The second quarter performance is better, when compared to Q1 2020 in terms of operating profit amid a rise in average prices, as well as lower general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	273.84	382.00	39.5 %
Gross Income	60.65	102.50	69.0 %
Operating Income	(5.77)	29.99	620.2 %
Net Income	(16.10)	6.56	140.7 %
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.16)	0.07	140.7 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	393.33	382.00	(2.9 %)
Gross Income	85.90	102.50	19.3 %
Operating Income	20.83	29.99	44.0 %
Net Income	10.64	6.56	(38.3 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.11	0.07	(38.3 %)

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