Saudi Ceramic swings to SAR 50 mln loss in Q1

07/05/2018 Argaam Exclusive

Saudi Ceramic Co. turned to a net loss of SAR 49.9 million for Q1 2018, compared to a net profit of SAR 11.5 million a year earlier, on the back of lower sales value amid continued weak demand and slowdown in the building materials market.

 

In addition, lower selling prices due to dumping, the implementation of value-added tax (VAT) and higher labor costs, fees as well as financing charges also weighed on the profit.

When compared to Q4 2017, the ceramic producer cut net losses by 20.4 percent year-on-year, thanks to a decline in provisions for IFRS adoption in the previous quarter.  



Current Quarter Comparison (M)

Compared With The
Item Q1 2017 Q1 2018 Change‬
Revenues 315.35 256.48 (18.7 %)
Gross Income 81.02 22.39 (72.4 %)
Operating Income 16.13 (37.80) (334.3 %)
Net Income 11.47 (49.95) (535.5 %)
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items (Riyal) 0.06 (0.50) (926.4 %)
EPS (Riyal) 0.11 (0.50) (535.5 %)

View other reports