Saudi Ceramic Co. (Saudi Ceramics) reported a net profit after Zakat and tax of SAR 51.3 million for the first quarter of 2022, a drop of 28% from SAR 70.7 million a year earlier.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 440.34 | 396.15 | (10.0 %) |
| Gross Income | 147.38 | 121.99 | (17.2 %) |
| Operating Income | 75.86 | 53.31 | (29.7 %) |
| Net Income | 70.73 | 51.29 | (27.5 %) |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 0.88 | 0.64 | (27.5 %) |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 378.23 | 396.15 | 4.7 % |
| Gross Income | 126.06 | 121.99 | (3.2 %) |
| Operating Income | 51.83 | 53.31 | 2.9 % |
| Net Income | 47.11 | 51.29 | 8.9 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 0.59 | 0.64 | 8.9 % |
The company attributed the lower profit to a decrease in sales revenue amid lower demand. The profit margin also dropped due to higher cost of production during the three-month period. On the other hand, general and administrative expenses declined, compared to Q1 2021.
On a sequential basis, the first-quarter net profit grew by 8.8% from SAR 47.1 million.
Shareholders’ equity, excluding minority interest, rose 6.5% to SAR 1.664 billion in Q1 2022, from SAR 1.563 billion in the year-ago period.
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