Saudi Ceramic Co. (Saudi Ceramics) reported a net loss of SAR 210.4 million for 2023, versus a net profit of SAR 173.9 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 1,484.96 | 1,314.87 | (11.5 %) |
| Gross Income | 452.34 | 237.32 | (47.5 %) |
| Operating Income | 184.75 | (20.80) | (111.3 %) |
| Net Income | 173.92 | (210.35) | (220.9 %) |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 2.17 | (2.63) | (220.9 %) |
The losses were attributed to lower sales on a decline in selling prices, higher raw material cost and financing cost.
The ceramic producer also allocated a SAR 165 million provision to meet the impact of a fire in one of its factories. In addition, the company recognized an asset impairment of SAR 78 million in its subsidiary, Ceramic Pipes Co.
On the other hand, Saudi Ceramics recorded lower general and administrative expenses, as well as higher other income.
Q4 2023 net loss stood at SAR 89.8 million, against a net profit of SAR 41.8 million a year earlier.
On a quarterly basis, net losses shrank from SAR 168.5 million in Q3 2023.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 383.42 | 381.29 | (0.6 %) |
| Gross Income | 108.37 | 23.25 | (78.5 %) |
| Operating Income | 47.37 | (114.80) | (342.4 %) |
| Net Income | 41.88 | (89.79) | (314.4 %) |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 0.52 | (1.12) | (314.4 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 311.65 | 381.29 | 22.3 % |
| Gross Income | 60.75 | 23.25 | (61.7 %) |
| Operating Income | (7.31) | (114.80) | (1,471.6 %) |
| Net Income | (168.56) | (89.79) | 46.7 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | (2.11) | (1.12) | 46.7 % |
Total shareholders’ equity, after minority interest, fell to SAR 1.50 billion as of Dec. 31, 2023, compared to SAR 1.75 billion a year earlier.
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