Riyadh – Mubasher: Saudi Ceramic Company (Saudi Ceramics) swung to a loss in 2023, recording a net loss of SAR 210.35 million, against a net profit of SAR 173.92 million a year earlier.

Revenues shrank 11.45% YoY to SAR 1.31 billion last year from SAR 1.48 billion, according to the annual financial results.

The company recorded a loss per share of SAR 2.63 in 2023, compared to earnings per share (EPS) of SAR 2.18 in 2022.

Capital Hike

Saudi Ceramic’s board recommended increasing capital by offering SAR 200 million in bonus shares from the retained earnings.

Thus, the company’s capital will be increased by 25% to SAR 1 billion from SAR 800 million.

The capital increase is aimed at matching the size of the company’s business and assets and supporting expansions.

In the first nine months (9M) of 2023, Saudi Ceramic shifted to losses, registering net losses after Zakat and tax worth SAR 120.55 million, versus net profits of SAR 132.03 million in 9M-22.