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Saudi Ceramic Company achieves profits of 679%

Saudi Ceramic Company

Saudi Arabia Ceramic Company’s sales have increased by 2.7% on an annual basis. The company achieved an annual jump of 679% in net profit after Zakat and tax to SAR 134.02 million ($35.7 million) in the first half (H1) of 2021 from SAR 17.19 million in H1-20.

According to the interim financial results on Tuesday, Saudi Ceramic Company’s earnings per share stood at SAR 1.68 in H1-21, compared to SAR 0.22 in H1-20.

Saudi Ceramic Company

The company’s sales increased by 2.7% annually to SAR 796.39 million in the January-June 2021 period from SAR 775.32 million in the same period last year.

During the second quarter (Q2) of 2021, the company achieved a leap of 865% in net profits to SAR 63.33 million from SAR 6.56 million in Q2-20.

However, sales shrank by 6.7% to SAR 365.05 million in Q2-21 from SAR 381.99 million in Q2-20.

The company’s net profits in Q2-21 were lower by 10.4% than SAR 70.73 million in Q1-21, quarter-on-quarter

In addition, the sales decreased by 19% from SAR 440.33 million.

The listed company will be paying SAR 0.75 per share as a cash dividend to the entitled shareholders on 15 August.

Murabaha loan

On 15 July, Saudi Ceramic Company has obtained a Sharia-compliant Murabaha financing worth SAR 592 million from the Saudi British Bank and Bank Saudi Fransi.

Through the Murabaha funding, the company aims to refinance existing loans.

The five-year agreement will be repaid on a quarterly basis through 20 installments.

The company aims to reduce interest costs while meeting the company’s future business needs.

In its LinkedIn account, the company says it is a leading provider of quality building solutions that includes various types of ceramic products, electric water heaters, bathroom fittings, including baths, shower trays, mirrors and mixers. Other products include plastics and red bricks.

With 40 years’ experience, the Company has gained a well-deserved reputation for manufacturing quality and standards both nationally and internationally.

Saudi Ceramic Company is the largest manufacturer of its kind in Saudi Arabia and a well-recognized brand.

State-of-the-art investments, quality, customer service and satisfaction are the trademarks of its long term visionary philosophy.

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