Saudi Ceramic Co. (Saudi Ceramics) reported a net loss of SAR 120.6 million for the first nine months of 2023, versus a netprofit of SAR 132 million in the previous year.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 1,101.54 | 933.58 | (15.2 %) |
| Gross Income | 343.98 | 214.08 | (37.8 %) |
| Operating Income | 137.38 | 15.78 | (88.5 %) |
| Net Income | 132.04 | (120.56) | (191.3 %) |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 1.65 | (1.51) | (191.3 %) |
This was due to a provision of approximately SAR 165 million to cover the impact of the fire in one of its factories. The ceramic producer also cited lower sales and higher financing costs (FCs).
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 366.56 | 311.65 | (15.0 %) |
| Gross Income | 116.44 | 60.75 | (47.8 %) |
| Operating Income | 48.32 | (7.31) | (115.1 %) |
| Net Income | 42.78 | (168.56) | (494.1 %) |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 0.53 | (2.11) | (494.1 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 253.05 | 311.65 | 23.2 % |
| Gross Income | 63.21 | 60.75 | (3.9 %) |
| Operating Income | 1.82 | (7.31) | (500.5 %) |
| Net Income | 33.29 | (168.56) | (606.3 %) |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 0.42 | (2.11) | (606.3 %) |
The company turned to a net loss of SAR 168.6 million in Q3 2023, against a net profit of SAR 42.7 million in Q3 2022, due to a provision of approximately SAR 165 million to cover the impact of the fire in one of its factories, as well as lower sales and increased FCs.
On a sequential basis, Arab Sea swung to losses in Q3 2023 from earnings of SAR 33.2 million.
Total shareholders’ equity, after minority interest, contracted to SAR 1.59 billion as of Sept. 30, 2023, from SAR 1.70 billion a year earlier.
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