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Saudi Ceramics posts $62m profit

audi Ceramics provides construction solutions in the Kingdom
By TRENDS Desk
February 18, 2022 12:00 am
  • The Riyadh-based firm made SR233 million ($62 million) in profit, compared to SR77.7 million ($20.7 million) last year
  • The strong results were fueled by improved profit margins due to increased prices and lower cost of goods sold

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.

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