Saudi Ceramics posts SAR 4.7M profits in H1 2024, widens Q2 losses to SAR 10.8M

Saudi Ceramic Co. reported a net profit of SAR 4.7 million for the first six months of 2024, down from SAR 48 million in H1 2023.

The company reported a slight drop in sales during the current period on lower average sales prices, specifically in the tile business, as a result of the increased competition in the market.

In addition, it witnessed lower gross profit as a result of lower average sales prices and higher production costs on lower operating levels. 

Saudi Ceramic saw higher selling and marketing expenses on higher shipping costs, as well as lower other revenues.

This was offset by an increase in sales volumes, specifically in the tiles and heaters segment, which in turn led to achieving sales compared to the same period of the previous year. 

The company incurred a net loss of SAR 10.82 million in Q2 2024, against a net profit of SAR 33.29 million in Q2 2023.

On a sequential basis, Saudi Ceramic swung to losses in Q2 2024 from a profit of SAR 15.57 million in Q1 2024.

Total shareholders’ equity, after excluding minority interest, contracted to SAR 1.50 billion as of June 30, 2024, from SAR 1.76 billion a year earlier.

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