Financial Results : Saudi Ceramics posts 28% drop in Q1 2022 net profit to SAR 51.3 mln

Saudi Ceramics posts 28% drop in Q1 2022 net profit to SAR 51.3 mln

19/04/2022 Argaam Exclusive

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Saudi Ceramic Co. (Saudi Ceramics) reported a net profit after Zakat and tax of SAR 51.3 million for the first quarter of 2022, a drop of 28% from SAR 70.7 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 440.34 396.15 (10.0 %)
Gross Income 147.38 121.99 (17.2 %)
Operating Income 75.86 53.31 (29.7 %)
Net Income 70.73 51.29 (27.5 %)
Average Shares 100.00 100.00 -
EPS (Riyals) 0.71 0.51 (27.5 %)

The company attributed the lower profit to a decrease in sales revenue amid lower demand. The profit margin also dropped due to higher cost of production during the three-month period. On the other hand, general and administrative expenses declined, compared to Q1 2021.

 

On a sequential basis, the first-quarter net profit grew by 8.8% from SAR 47.1 million.

 

Shareholders’ equity, excluding minority interest, rose 6.5% to SAR 1.664 billion in Q1 2022, from SAR 1.563 billion in the year-ago period.

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