Financial Results : Saudi Ceramics 2024 losses shrink to SAR 71.9M; Q4 at SAR 82.6M

Saudi Ceramics 2024 losses shrink to SAR 71.9M; Q4 at SAR 82.6M

25/02/2025 Argaam Exclusive

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Saudi Ceramic Co.’s (Saudi Ceramics) net loss narrowed to SAR 71.9 million (before minority interest) in 2024, compared to a loss of SAR 210.4 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 1,314.87 1,348.80 2.6 %
Gross Income 237.32 253.74 6.9 %
Operating Income (27.48) (34.47) (25.5 %)
Net Income (210.35) (71.86) 65.8 %
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items (Riyals) (0.27) (0.33) (20.6 %)
EPS (Riyals) (2.10) (0.72) 65.8 %

The company reported higher sales volumes in tile and sanitary ware sectors, despite lower average selling prices.

 

Saudi Ceramics allocated SAR 165 million provisions to address the impact of a fire incident at one of its factories. It also recognized impairment in subsidiary Ceramic Pipes Co. at SAR 78 million.

 

On the other hand, the company noted non-cash losses, including the impairment in property, plant, and equipment in the red bricks sector and Ceramic Pipes at SAR 51 million, in addition to inventory provisions at SAR 44 million.

 

Additionally, selling and distribution expenses increased this year due to rising transportation costs and higher fuel prices.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 381.29 382.31 0.3 %
Gross Income 23.25 35.55 52.9 %
Operating Income (43.26) (38.98) 9.9 %
Net Income (89.79) (82.64) 8.0 %
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items (Riyals) (0.15) (0.41) (180.3 %)
EPS (Riyals) (0.90) (0.83) 8.0 %
Saudi Ceramics incurred a net loss of SAR 82.64 million in Q4 2024 compared to SAR 89.79 million a year ago.
 
On a sequential basis, the company swung to losses from SAR 6.03 million earnings in Q3 2024.
 
Total shareholders’ equity, after minority interest, stood at SAR 1.42 billion by Dec. 31, 2024, compared to SAR 1.50 billion a year earlier.

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Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2015 84.27 (3.6 %) 0.84 - 84.27 0.84
Q2 2015 81.25 (3.4 %) 0.81 - 81.25 0.81
Q3 2015 62.65 (20.6 %) 0.63 11.48 51.17 0.51
Q4 2015 55.65 (7.0 %) 0.56 2.17 53.48 0.53
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 11.47 - 0.11 5.42 6.04 0.06
Q2 2017 (5.84) - (0.06) - (5.84) (0.06)
Q3 2017 (39.91) - (0.40) - (39.91) (0.40)
Q4 2017 (62.77) - (0.63) - (62.77) (0.63)
Q1 2018 (49.95) (535.5 %) (0.50) - (49.95) (0.50)
Q2 2018 (46.51) (696.0 %) (0.47) - (46.51) (0.47)
Q3 2018 (38.53) 3.5 % (0.39) - (38.53) (0.39)
Q4 2018 (79.59) (26.8 %) (0.80) - (79.59) (0.80)
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 - - - - - -
Q2 2020 - - - - - -
Q3 2020 - - - - - -
Q4 2020 - - - - - -
Q1 2021 70.73 - 0.71 - 70.73 0.71
Q2 2021 63.33 - 0.63 - 63.33 0.63
Q3 2021 52.40 - 0.52 - 52.40 0.52
Q4 2021 47.11 - 0.47 - 47.11 0.47
Q1 2022 51.29 (27.5 %) 0.51 - 51.29 0.51
Q2 2022 37.97 (40.0 %) 0.38 - 37.97 0.38
Q3 2022 42.78 (18.4 %) 0.43 - 42.78 0.43
Q4 2022 41.88 (11.1 %) 0.42 - 41.88 0.42
Q1 2023 14.71 (71.3 %) 0.15 - 14.71 0.15
Q2 2023 33.29 (12.3 %) 0.33 44.91 (11.62) (0.12)
Q3 2023 (168.56) (494.1 %) (1.69) (152.77) (15.79) (0.16)
Q4 2023 (89.79) (314.4 %) (0.90) (75.27) (14.52) (0.15)
Q1 2024 15.57 5.8 % 0.16 - 15.57 0.16
Q2 2024 (10.82) (132.5 %) (0.11) - (10.82) (0.11)
Q3 2024 6.03 103.6 % 0.06 2.89 3.14 0.03
Q4 2024 (82.64) 8.0 % (0.83) (41.92) (40.72) (0.41)
2024 (71.86) 65.8 % (0.72) (39.03) (32.83) (0.33)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 447.05 5.4 % 158.46 3.2 % 81.89 (7.4 %)
Q2 2015 444.31 1.5 % 162.61 6.9 % 86.00 9.0 %
Q3 2015 354.58 (8.1 %) 124.96 (5.2 %) 66.71 19.0 %
Q4 2015 412.03 10.1 % 135.95 7.5 % 51.48 (10.2 %)
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 315.35 - 81.02 - 16.13 -
Q2 2017 274.69 - 65.29 - 2.89 -
Q3 2017 224.14 - 24.26 - (29.17) -
Q4 2017 325.55 - (2.30) - (63.23) -
Q1 2018 256.48 (18.7 %) 22.39 (72.4 %) (37.80) (334.3 %)
Q2 2018 241.88 (11.9 %) 30.26 (53.7 %) (35.35) (1324.8 %)
Q3 2018 250.00 11.5 % 36.59 50.8 % (28.35) 2.8 %
Q4 2018 279.69 (14.1 %) 18.57 907.3 % (55.87) 11.6 %
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 - - - - - -
Q2 2020 - - - - - -
Q3 2020 - - - - - -
Q4 2020 - - - - - -
Q1 2021 440.34 - 147.38 - 75.86 -
Q2 2021 356.06 - 137.05 - 68.52 -
Q3 2021 360.15 - 117.77 - 58.07 -
Q4 2021 378.23 - 126.06 - 51.83 -
Q1 2022 396.15 (10.0 %) 121.99 (17.2 %) 53.31 (29.7 %)
Q2 2022 338.83 (4.8 %) 105.55 (23.0 %) 35.75 (47.8 %)
Q3 2022 366.56 1.8 % 116.44 (1.1 %) 48.32 (16.8 %)
Q4 2022 383.42 1.4 % 108.37 (14.0 %) 47.37 (8.6 %)
Q1 2023 368.89 (6.9 %) 90.12 (26.1 %) 21.26 (60.1 %)
Q2 2023 253.05 (25.3 %) 63.21 (40.1 %) 1.82 (94.9 %)
Q3 2023 311.65 (15.0 %) 60.75 (47.8 %) (7.31) (115.1 %)
Q4 2023 381.29 (0.6 %) 23.25 (78.5 %) (43.26) (191.3 %)
Q1 2024 345.77 (6.3 %) 82.34 (8.6 %) 16.86 (20.7 %)
Q2 2024 276.15 9.1 % 62.61 (0.9 %) (10.85) (695.0 %)
Q3 2024 344.57 10.6 % 73.24 20.6 % (1.49) 79.6 %
Q4 2024 382.31 0.3 % 35.55 52.9 % (38.98) 9.9 %
2024 1,348.80 2.6 % 253.74 6.9 % (34.47) (25.5 %)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 25.50 % 18.97 % 0.28 %
Q2 2017 23.36 % 17.91 % (2.63 %)
Q3 2017 20.92 % 17.01 % (4.20 %)
Q4 2017 14.76 % 11.65 % (8.99 %)
Q1 2018 10.14 % 7.13 % (14.66 %)
Q2 2018 7.12 % 3.45 % (19.00 %)
Q3 2018 8.10 % 3.31 % (18.41 %)
Q4 2018 10.49 % 4.62 % (20.87 %)
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 27.30 % 15.46 % 3.25 %
Q2 2020 28.16 % 15.38 % 4.59 %
Q3 2020 26.52 % 17.13 % 4.21 %
Q4 2020 25.85 % 17.09 % 5.13 %
Q1 2021 29.01 % 20.06 % 8.82 %
Q2 2021 31.74 % 22.90 % 12.66 %
Q3 2021 32.72 % 24.20 % 14.07 %
Q4 2021 34.42 % 25.07 % 15.22 %
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
Q1 2023 28.85 % 19.66 % 9.42 %
Q2 2023 27.56 % 18.53 % 6.40 %
Q3 2023 24.48 % 15.22 % 2.22 %
Q4 2023 18.05 % 8.51 % (2.07 %)
Q1 2024 17.77 % 8.21 % (2.04 %)
Q2 2024 17.41 % 7.07 % (1.94 %)
Q3 2024 17.91 % 7.42 % (0.49 %)
Q4 2024 18.81 % 7.60 % (2.43 %)
2024 18.81 % 7.60 % (2.43 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 100.00 (0.16) 0.04 18.33
Q2 2017 100.00 (0.50) (0.31) 17.77
Q3 2017 100.00 (0.43) (0.49) 17.39
Q4 2017 100.00 (0.97) (1.02) 16.30
Q1 2018 100.00 (1.58) (1.58) 15.79
Q2 2018 100.00 (1.99) (1.99) 15.33
Q3 2018 100.00 (1.98) (1.98) 14.94
Q4 2018 100.00 (2.15) (2.15) 14.16
Q1 2019 - - - -
Q2 2019 - - - -
Q3 2019 - - - -
Q4 2019 - - - -
Q1 2020 100.00 0.43 0.43 14.20
Q2 2020 100.00 0.66 0.66 14.26
Q3 2020 100.00 0.63 0.63 14.59
Q4 2020 100.00 0.78 0.78 14.85
Q1 2021 100.00 1.38 1.38 15.64
Q2 2021 100.00 1.95 1.95 16.35
Q3 2021 100.00 2.15 2.15 16.26
Q4 2021 100.00 2.34 2.34 16.72
Q1 2022 - - - -
Q2 2022 - - - -
Q3 2022 - - - -
Q4 2022 - - - -
Q1 2023 100.00 1.37 1.37 17.27
Q2 2023 100.00 1.33 0.88 17.60
Q3 2023 100.00 (0.79) 0.29 15.92
Q4 2023 100.00 (2.10) (0.27) 15.05
Q1 2024 100.00 (2.09) (0.26) 15.20
Q2 2024 100.00 (2.54) (0.26) 15.09
Q3 2024 100.00 (0.79) (0.07) 15.08
Q4 2024 100.00 (0.72) (0.33) 14.24

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 NEG More than 100 0.79
Q2 2017 NEG NEG 0.83
Q3 2017 NEG NEG 0.76
Q4 2017 NEG NEG 0.82
Q1 2018 NEG NEG 0.75
Q2 2018 NEG NEG 0.80
Q3 2018 NEG NEG 0.69
Q4 2018 NEG NEG 0.82
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 32.84 32.84 0.99
Q2 2020 30.47 30.47 1.40
Q3 2020 41.61 41.61 1.81
Q4 2020 37.04 37.04 1.94
Q1 2021 24.25 24.25 2.14
Q2 2021 23.57 23.57 2.81
Q3 2021 23.32 23.32 3.08
Q4 2021 18.88 18.88 2.64
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
Q1 2023 18.30 18.30 1.46
Q2 2023 20.09 30.37 1.51
Q3 2023 NEG 77.88 1.43
Q4 2023 NEG NEG 1.47
Q1 2024 NEG NEG 1.75
Q2 2024 NEG NEG 1.95
Q3 2024 NEG NEG 2.16
Q4 2024 NEG NEG 2.40

Business Segments (Million)

Compared With The
Period Ceramic tile and sanitary ware sector Heaters sector Ceramic Pipes Company
Q1 2015 365.19 81.86 -
Q2 2015 358.31 86.00 -
Q3 2015 293.40 61.18 -
Q4 2015 307.83 104.20 -
Q1 2016 289.14 83.66 -
Q2 2016 279.81 68.04 -
Q3 2016 180.46 51.98 -
Q4 2016 245.75 104.68 -
Q1 2017 234.30 81.05 -
Q2 2017 210.46 64.23 -
Q3 2017 168.81 55.32 -
Q4 2017 222.02 103.53 -
Q1 2018 186.25 70.23 -
Q2 2018 196.18 45.70 -
Q3 2018 188.46 59.83 -
Q4 2018 206.96 70.31 2.42
Q1 2019 223.48 80.36 5.76
Q2 2019 213.56 54.51 5.78
Q3 2019 225.01 59.78 6.94
Q4 2019 247.44 100.91 11.56
Q1 2020 281.74 100.31 11.28
Q2 2020 301.69 72.87 7.44
Q3 2020 276.51 92.38 4.16
Q4 2020 262.93 98.71 6.05
Q1 2021 308.92 121.25 10.17
Q2 2021 273.62 73.49 8.95
Q3 2021 239.02 114.89 6.23
Q4 2021 323.19 51.27 3.77
Q1 2022 287.53 104.26 4.36
Q2 2022 271.75 62.84 4.24
Q3 2022 270.21 91.45 4.89
Q4 2022 237.58 140.35 5.49
Q1 2023 247.35 114.52 7.02
Q2 2023 186.16 61.43 5.45
Q3 2023 210.63 98.49 2.52
Q4 2023 222.60 156.77 1.92
Q1 2024 214.04 127.18 4.55
Q2 2024 223.44 48.70 4.01
Q3 2024 228.95 111.27 4.35
Q4 2024 233.33 142.68 6.31

Analysts Estimates (Million)

Item Q4 2024 (e) Q4 2024 (a) Change‬
Average 20.00 (82.64) (513.2 %)

Estimates vs Actual (Million)

Item Q4 2024 (e) Q4 2024 (a) Change
Al Rajhi Capital 20.00 (82.64) (513.2) %


Financial Ratios
Current
Market Cap (M Riyal) 2,645.00
Enterprise Value (EV) (M) 3,339.66
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) (0.72)
Book Value (BV) ( Riyal) 14.24
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.86
Return on Average Assets (%) (TTM) (2.59 )
Return on Average Equity (%) (TTM) (3.35 )
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Share Price

Saudi Ceramic Co.
26.45
(0.90) (3.29 %)

Saudi Ceramic Co. (SAUDI CERAMICS)

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