Riyadh – Mubasher: Saudi Vitrified Clay Pipe Company (SVCP) has appointed Prince Faisal bin Abdulaziz bin Faisal Al Saud as the Chairman of the board for the next three years.

The firm also named Saad Saud Al Sayari as the Vice Chairman and Managing Director, according to a bourse disclosure.

The two officials assumed their roles for a new board term that began on 18 October 2023 and will remain in position until 17 October 2026.

In the first half (H1) of 2023, Saudi Vitrified Clay incurred net losses after Zakat and tax valued at SAR 3.35 million, an annual plunge of 63.63% from SAR 9.21 million.

Revenues increased by 25.82% to SAR 39.37 million as of 30 June 2023 from SAR 31.29 million in H1-22, while the loss per share plummeted to SAR 0.22 from SAR 0.61.