The Saudi Ceramic Company has announced plans to set up a new factory worth 249.3 million riyals ($66.5 million).
The facility is expected to produce 8.25 million square metres of porcelain tiles every year and will be financed through “borrowing and self-financing”, the company said in a bourse filing to the Saudi Stock Exchange (Tadawul) on Thursday.
The firm plans to start working on the project before the end of the year and complete it during the second quarter of 2023. Commercial production is slated to commence in the same quarter.
“The project is expected to have a positive impact on the company’s revenues,” the firm said.
The company had posted a net profit of 63.3 million riyals for the second quarter of the year, up from 6.5 million from the same period in 2020.
The positive performance has been due to the improvement in the company’s profit margins and lower financing costs.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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