Saudi Ceramic Co. reported a net profit after Zakat and tax of SAR 10.6 million for the first quarter of 2020, against a net loss of SAR 25 million a year earlier.
The solid performance was driven by higher sales volumes, revenue and average selling prices, along with a decline in the depreciation costs of equipment and properties.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 309.60 | 393.33 | 27.0 % |
| Gross Income | 52.46 | 85.90 | 63.8 % |
| Operating Income | (12.71) | 20.83 | 263.8 % |
| Net Income | (25.05) | 10.64 | 142.5 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | (0.31) | 0.13 | 142.5 % |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 359.91 | 393.33 | 9.3 % |
| Gross Income | 104.68 | 85.90 | (17.9 %) |
| Operating Income | 33.71 | 20.83 | (38.2 %) |
| Net Income | 13.81 | 10.64 | (23.0 %) |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 0.17 | 0.13 | (23.0 %) |
The first quarter net profit after Zakat and tax dropped 23% when compared to Q4 2019, hit by lower selling prices of some tile and heater products in Q1 2020.
In addition, the ceramic producer adjusted some provisions by the end of 2019, which reflected positively on the previous quarter figures.
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