Saudi Ceramic Co. turned to a net profit after Zakat and tax of SAR 17.2 million for H1 2020, against a net loss of SAR 41.2 million in the same period last year, backed by improved sales volumes and selling prices.
The company also reported a decline in general and administrative expenses, finance charges and depreciation costs.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 583.44 | 775.32 | 32.9 % |
| Gross Income | 113.11 | 188.40 | 66.6 % |
| Operating Income | (18.48) | 50.82 | 375.0 % |
| Net Income | (41.15) | 17.20 | 141.8 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | (0.51) | 0.21 | 141.8 % |
In Q2 2020, the ceramic producer also swung to a net profit after Zakat and tax of SAR 6.6 million, compared to a net loss of SAR 16 million in Q2 2019, thanks to better selling average prices and sales volumes, along with an expansion in the retail sector.
When compared to the previous quarter, Q2 net profit fell by 38.3%, on an increase of SAR 21 million in some provisions. The second quarter performance is better, when compared to Q1 2020 in terms of operating profit amid a rise in average prices, as well as lower general and administrative expenses.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 273.84 | 382.00 | 39.5 % |
| Gross Income | 60.65 | 102.50 | 69.0 % |
| Operating Income | (5.77) | 29.99 | 620.2 % |
| Net Income | (16.10) | 6.56 | 140.7 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | (0.20) | 0.08 | 140.7 % |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 393.33 | 382.00 | (2.9 %) |
| Gross Income | 85.90 | 102.50 | 19.3 % |
| Operating Income | 20.83 | 29.99 | 44.0 % |
| Net Income | 10.64 | 6.56 | (38.3 %) |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 0.13 | 0.08 | (38.3 %) |
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