Saudi Ceramics’ net profit attributable to shareholders rose 344.6% to SR28.75 million in the third quarter from SR6.47 million a year earlier.
Revenue rose 16.4% to SR414.1 million from SR355.7 million, the company said in a Tadawul filing on Thursday, Mubasher reported.
The company said the gain came mainly from a wider gross margin, which rose to 32% from 28.4%. It cited more efficient production lines, better production planning and use of capacity, and cost-cutting measures.
Higher sales of tiles, growth in porcelain sales and higher average selling prices for water heaters supported revenue. Selling and marketing expenses rose on higher transport and logistics costs and the cost of running new showrooms.
Operating profit rose 75.5% to SR41.4 million, CNBC Arabia reported. Net profit rose 42% from the second quarter, while revenue increased 9.6%.
Nine months
Nine-month net profit fell 49.1% to SR71.4 million from SR140.4 million. Revenue rose 14% to SR1.17 billion from SR1.03 billion.
The company said the year-earlier period included a SR120 million insurance claim settlement and SR7.7 million in zakat differences. Excluding nonrecurring items, net profit rose by about SR58.9 million, it said.
Domestic sales rose by about SR127 million, or 13.3%, in the nine months. Export sales increased by about SR18 million, or 22%.
Gross profit rose 37.9% to SR377.5 million, while operating profit fell 37.8% to SR114.3 million. Earnings per share were SR0.72, down from SR1.41.
