Saudi Ceramic Co. announces its Interim Financial Results for the Period Ending on 2023-09-30 ( Nine Months )

09 November 2023 03:26 PM

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Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	311,645	366,556	-14.98	253,045	23.16
Gross Profit (Loss)	60,745	116,441	-47.83	63,210	-3.9
Operational Profit (Loss)	-35,269	48,321	-	1,824	-
Net Profit (Loss) after Zakat and Tax	-168,559	42,775	-	33,294	-
Total Comprehensive Income	-168,559	42,775	-	33,689	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	933,580	1,101,537	-15.25
Gross Profit (Loss)	214,077	343,976	-37.76
Operational Profit (Loss)	-12,182	137,383	-
Net Profit (Loss) after Zakat and Tax	-120,557	132,038	-
Total Comprehensive Income	-120,162	132,127	-
Total Share Holders Equity (after Deducting Minority Equity)	1,591,768	1,705,258	-6.66
Profit (Loss) per Share	-1.51	1.65
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The reason for net loss in the current quarter compared to the same quarter last year is due to: 1. The company formed a provision of SAR 165 million to cover the impact of fire in one of its factories, which was previously announced in Tadawul on July 16, 2023 2. Sales decreased in the current quarter due to the impact of lower prices compared to the same quarter last year, which led to a decrease in profit margins. 3. Financing costs increased during the current quarter as interest rates rise in the second half of last year.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is	The reason for net loss in the current quarter compared to the previous quarter, despite higher sales, is due to: 1. The company formed a provision of 165 million riyals to cover the impact of fire in one of its factories, which was previously announced. 2. Increase in financing costs during the current quarter compared to the previous quarter. The current quarter also witnessed a decrease in non-operating income compared to the previous quarter
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	The reason for net loss in the current period compared to the same period last year is due to: 1. The company formed a provision of approximately 165 million riyals to cover the impact of the fire in one of its factories, which was previously announced. 2. Sales decreased during the current period compared to the same period last year. 3. Increase in financing costs during the current period compared to the same period last year
Statement of the type of external auditor's report	Unmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	None
Reclassification of Comparison Items	None
Additional Information	On July 16, 2023, the company announced on Tadawul website that a fire occurred in one of its factories in the second industrial zone (the second sanitary ware factory). It did not result in any human injuries. The fire led to the stoppage of production in the factory and damage to machinery and buildings. The company has recorded a provision of approximately 165 million riyals which represents book value of damaged assets and inventory due to the fire. The provision was created in agreement with the external auditor due to the non-completion of procedures by the official authorities responsible for investigating the fire. Note that the company has full insurance cover for all its factories. During the period, the company submitted a claim for compensation, and the company is fully confident, that it will receive compensation from the insurance company for all losses resulting from the fire as soon as the procedures are completed.

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