Saudi Ceramic Co. announces its interim Financial results for the period ending on 2018-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 250,000 | 224,135 | 11.539 | 241,876 | 3.358 |
| Total Profit (Loss) | 36,594 | 24,260 | 50.84 | 30,256 | 20.947 |
| Profit (Loss) Operational | -23,919 | -27,939 | -14.388 | -33,070 | -27.671 |
| Net Profit (Loss) after Zakat and Tax | -39,333 | -39,909 | -1.443 | -46,512 | -15.434 |
| Total Comprehensive Income | -36,594 | -24,260 | 50.84 | -46,406 | -21.143 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 748,360 | 814,176 | -8.083 |
| Total Profit (Loss) | 89,235 | 170,569 | -47.683 |
| Profit (Loss) Operational | -91,843 | -2,748 | 3,242.176 |
| Net Profit (Loss) after Zakat and Tax | -135,791 | -34,285 | 296.065 |
| Total Comprehensive Income | -134,910 | -33,813 | 298.988 |
| Total Share Holders Equity (after deducting minority equity) | 1,493,998 | 1,630,449 | -8.368 |
| Profit (Loss) per Share | -2.25 | -0.57 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year | The decrease in net loss for the current quarter compared to the same quarter of the previous year is due to the increase in sales revenue, gross profit margin and other operating income, despite the increase in selling, marketing and general and administrative expenses which are increased because of increase in transportation and labor costs. |
| Reason for increase (decrease) in net profit for current quarter compared to the previous quarter | The decrease in net loss for the current quarter compared to the previous quarter is due to the increase in sales revenue, gross profit margin, and other operating income and decrease in sales and marketing expenses, despite the slight increase in general and administrative expenses. |
| Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year | The increase in net loss for the current period compared with the corresponding period of the previous year is due to the decrease in sales revenues and increase in cost of sales, selling and marketing expenses, general and administrative expenses and financial charges. The expenses are increased mainly because of increase in transportation and labor costs and financial charges are increased because no borrowing costs are capitalized during the period. Further, share of loss of associates are increased and gain on sale of property, plant and equipment is decreased. |
| Type of the external auditor's opinion | Unmodified opinion |
| Reclassifications in quarter financial result | - Earnings per share for the period ended 30/09/2018 and 30/09/2017 have been calculated based on the number of new shares after the increase of the company's capital from 50 million shares to 60 million shares which were made after the approval of the Extraordinary General Assembly held on 26/04/2018, and was retrospectively adjusted for the comparative periods. - Some of the figures in the announcement for the same quarter of the previous year have been reclassified to conform to the current quarter presentation. Also, some quarter figures have been adjusted from the previous year because of the additional depreciation resulting from the application of international standards in 2017. - Changes in the Company's financial statements have been made on a number of items in the measurement, recognition, presentation and disclosure method for the current periods in accordance with the accounting policies adopted in accordance with the requirements of the International Financial Reporting Standards as adopted in Saudi Arabia and other standards and pronouncements endorsed by the Saudi Organization for Certified Public Accountants. Please refer Note 3 and Note 5 in the notes to the interim condensed consolidated financial statements for the period ended 30/09/2018. - As announced on 15/08/2018, Saudi Ceramics increased its share in Ceramic Pipes Company to have a controlling interest therefore, the financial statements of Ceramic Pipes Company have been consolidated with the financial statements of Saudi Ceramic Company from the date of acquisition 15/08/2018. Non-controlling interest at 30 September 2018 amounts to SR 47.3 million. For further details, please refer Note 16 (Acquisition of a subsidiary) in the annexed notes to the interim condensed consolidated financial statements for the period ended 30 September 2018. |
| Additional Information | - Sales during the current quarter amounted to 250 million riyals, compared to 224 million riyals for the same quarter of the previous year, an increase of 11.54%. - Gross profit for the quarter reached SR 36.6 million compared to SAR 24.3 million for the same quarter last year, an increase of 50.84%. - Operating loss during the current quarter reached SR 23.9 million compared to SR 27.9 million for the same quarter last year, a decrease of 14.39%. - Net loss after Zakat and Tax during the current quarter reached SAR 39.3 million compared to SR 39.9 million for the same quarter last year, a decrease of 1.44%. - Total comprehensive loss during the current quarter reached SR 39.6 million compared to SR 38.4 million for the same quarter last year, an increase of 3.05%. - Sales during the current period amounted to SR 748 million, compared to SR 814 million for the same period last year, a decrease of 8.08%. - Gross profit during the current period reached SR 89.2 million compared to SAR 170.6 million for the same period last year, a decrease of 47.68%. - Operating loss during the current period reached SR 91.8 million compared to SR 2.7 million for the same period last year, an increase of 3242.18%. - Net loss after Zakat and Tax during the current period reached SR 135.8 million compared to SR 34.3 million for the same period last year, an increase of 296%. - Total comprehensive loss during the current period amounted to SR 134.9 million compared to SR 33.8 million for the same period last year, an increase of 299%. - Loss per share during the current period reached SR 2.25 compared to SR 0.57 for the same period last year. - Total shareholders' equity (excluding non-controlling interests) during the current period amounted to SR 1,494 million, compared to SR 1,630 million for the corresponding period of the previous year (with the assurance that there were no non-controlling interests in the previous year). |
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