Saudi Ceramics turns to SAR 120.6 mln loss in 9M 2023; Q3 at SAR 168.6 mln

09/11/2023 Argaam Exclusive

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Saudi Ceramic Co. (Saudi Ceramics) reported a net loss of SAR 120.6 million for the first nine months of 2023, versus a netprofit of SAR 132 million in the previous year.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	1,101.54	933.58	(15.2 %)
Gross Income	343.98	214.08	(37.8 %)
Operating Income	137.38	(12.18)	(108.9 %)
Net Income	132.04	(120.56)	(191.3 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	1.32	(1.21)	(191.3 %)

This was due to a provision of approximately SAR 165 million to cover the impact of the fire in one of its factories. The ceramic producer also cited lower sales and higher financing costs (FCs).

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	366.56	311.65	(15.0 %)
Gross Income	116.44	60.75	(47.8 %)
Operating Income	48.32	(35.27)	(173.0 %)
Net Income	42.78	(168.56)	(494.1 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.43	(1.69)	(494.1 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	253.05	311.65	23.2 %
Gross Income	63.21	60.75	(3.9 %)
Operating Income	1.82	(35.27)	(2033.6 %)
Net Income	33.29	(168.56)	(606.3 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.33	(1.69)	(606.3 %)

The company turned to a net loss of SAR 168.6 million in Q3 2023, against a net profit of SAR 42.7 million in Q3 2022, due to a provision of approximately SAR 165 million to cover the impact of the fire in one of its factories, as well as lower sales and increased FCs.

On a sequential basis, Arab Sea swung to losses in Q3 2023 from earnings of SAR 33.2 million.

Total shareholders’ equity, after minority interest, contracted to SAR 1.59 billion as of Sept. 30, 2023, from SAR 1.70 billion a year earlier.

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