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. (Saudi Ceramics) 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	15.78	4.51	(71.4 %)
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	(7.31)	(1.49)	79.6 %
Net Income	(168.56)	6.03	103.6 %
Average Shares	100.00	100.00	-
EPS (Riyals)	(1.69)	0.06	103.6 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	276.15	344.57	24.8 %
Gross Income	62.61	73.24	17.0 %
Operating Income	(10.85)	(1.49)	86.2 %
Net Income	(10.82)	6.03	155.8 %
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.11)	0.06	155.8 %

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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