‎“Saudi Ceramics” profits decreased to SR174 mln in 2022, by ‎‎26%‎

The net profit after zakat and tax for the Saudi Ceramic Co. declined to 174 million riyals during the year 2022 AD, compared to 234 million riyals in the previous year, at a rate of 26%. This came after today’s announcement of the annual financial results ending on 12-31-2022.

The operational profit amounted to 185 million riyals in the current year, compared to 254 million riyals in the previous year, with a decrease of 27%.

Gross profit amounted to 452 million riyals during the year ending in 2022, compared to 528 million riyals in the previous year, a decrease of 14%.

Earnings per share in the current year amounted to 2.18 riyals, compared to 2.93 riyals in the previous year.

The reason for the decrease in the net profit during the current year compared to the previous year is due to the relative decline in sales in addition to the increase in the costs of production inputs, which affected the rates of profit margins. The current year also witnessed an increase in selling and marketing expenses, offset by a decrease in general and administrative expenses and an increase in other revenues.