Saudi Ceramics has posted a threefold jump in net profit to $62 million on the back of better profit margins.
The Riyadh-based firm made SR233 million ($62 million) in profit, compared to SR77.7 million ($20.7 million) last year, it said in a bourse statement on Tadawul.
Revenues stood at SR1.53 billion ($0.41 billion) up slightly from SR1.51 billion ($0.40 billion) in 2020.
The strong results were fueled by improved profit margins due to increased prices and lower cost of goods sold, along with lower financing costs as it repaid a large sum of loans, the company noted.
Separately, the firm said it will distribute cash dividends of almost SR60 million ($16 million), or SR0.75 per share, in the second half of 2021.
Established in 1977, Saudi Ceramics provides construction solutions in the Kingdom through its wide array of ceramic products.
