The Clap
Saudi Ceramics’ (2040) profits decreased by 18.36% in Q3 2022.
The Deets
The company recorded a net profit of SAR 42.78 million during Q3 2022, a YoY increase from about SAR 52.39 million in Q3 2021.
Saudi Ceramics
Saudi Ceramics is the leading provider of high-quality building solutions in KSA, which includes various types of ceramic products and electric water heaters.
The company owns several factories in the Second Industrial City, southeast of Riyadh, where it employs more than 4,000 people.
Reasons for Decline
Saudi Ceramics justified the decline in its net profits due to the rise in costs of some production inputs, which affected profit margins.
In addition to that, selling, administrative, and financing costs also saw an increase.
Performance
Saudi Ceramics net profit decreased YoY by 29.27% to record SAR 132.04 million during the first nine months of 2022, compared to SAR 186.68 million the year before.
