Financial Results : Saudi Ceramics earns SAR 10.8M profits in 9M 2024, SAR 6M in Q3

Saudi Ceramics earns SAR 10.8M profits in 9M 2024, SAR 6M in Q3

28/10/2024 Argaam Exclusive

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Saudi Ceramic Co. swung to a net profit of SAR 10.8 million for the first nine months of 2024, against a net loss of SAR 120.6 million in the corresponding period of 2023.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 933.58 966.49 3.5 %
Gross Income 214.08 218.19 1.9 %
Operating Income (12.18) 7.41 160.8 %
Net Income (120.56) 10.78 108.9 %
Average Shares 100.00 100.00 -
EPS (Riyals) (1.21) 0.11 108.9 %

The positive results were driven by a rise in net sales amid higher tile and heater sales. The company’s gross profit also increased, thanks to improved sales. Additionally, the nine-month period of 2023 included a provision of SAR 165 million for the fire that broke out in one of the company’s factories.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 311.65 344.57 10.6 %
Gross Income 60.75 73.24 20.6 %
Operating Income (35.27) 1.40 104.0 %
Net Income (168.56) 6.03 103.6 %
Average Shares 100.00 100.00 -
EPS (Riyals) (1.69) 0.06 103.6 %

In Q3 2024, the tile producer turned to a net profit of SAR 6 million, from a net loss of SAR 168.5 million in the year-earlier period, thanks to improved net sales.

 

Saudi Ceramics also incurred a net loss of SAR 10.8 million in Q2 2024.

 

Total shareholders’ equity, after minority interest, dropped to SAR 1.50 billion as of Sept. 30, 2024, from SAR 1.59 billion a year earlier.

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