Saudi Ceramic turns profitable in Q2; raises stake in unit

The company raised its stake in Ceramic Pipes to 66.09% from 61.12%


Riyadh – Mubasher: Saudi Ceramic Company turned to profitability in the second quarter (Q2) of 2020, achieving net earnings of SAR 6.56 million, against net losses of SAR 16.10 million in the corresponding quarter in 2019.

The turn to profits was helped by higher sales as a result of increasing average prices and quantities sold and expansion in the retail activity though was impacted by higher provisions, according to a bourse disclosure on Thursday.

Furthermore, the company’s administrative and general expenses, as well as financing costs, slipped during Q2-20, whilst depreciation expenses declined as of Q3-19.

Meanwhile, revenues amounted to SAR 381.99 million by the end of June this year, up by 39.49% when compared to SAR 273.84 million.

In a separate statement, the company affirmed that it has raised its stake in Ceramic Pipes to 66.09% from 61.12% for SAR 38.93 million, adding that the impact of this transaction will reflect on its consolidated financial results upon the completion of regulatory procedures.

Source: Mubasher

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