Saudi Ceramics profits fell to SR43 mln during Q3, down by 18%

The net profit after zakat and tax for Saudi Ceramic Company decreased to SR43 million during the third quarter, compared to SR52 million during the same quarter of the previous year by 18%.
This came after the announcement on Monday of the estimated financial results for the period ending on 30-09-2022 “9 months”.
The operational profit amounted to SR48 million during the third quarter, compared to SR58 million during the same quarter of the previous year, down 17%.
The gross profit amounted to SR116.44 million during the third quarter, compared to SR118 million during the same quarter of the previous year, a decrease of 1.1%.
The net profit after zakat and tax during the current period amounted to SR132 million, compared to SR187 million during the same period of the previous year, a decrease of 29%.
Profits per share during the current period amounted to SR1.65, compared to SR2.34 during the same period of the previous year.
The reason for the decrease in net profit during the current quarter compared to the same quarter of the previous year is the rise in the costs of some production inputs, which affected the profit margins, in addition to the increase in administrative and selling expenses during the current quarter. This quarter also witnessed an increase in financing costs compared to the same quarter of the previous year.
The reason for the increase in net profit during the current quarter compared to the previous quarter is the increase in sales during this quarter. In addition, the previous quarter was affected by the suspension of production due to the suspension of gas supplies by Aramco for maintenance purposes in the beginning of May.
The reason for the decrease in the profits of the current period compared to the same period of the previous year is the decrease in sales in addition to the increase in production costs, as well as the effect of the temporary suspension of production in some factories due to suspension of gas supplies during the second quarter of the current year.