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Saudi Ceramic Co. announces its Interim Financial results for the Period Ending on 2024-03-31 ( Three Months )

2040
SAUDI CERAMICS
-2.70 %
1445/10/29     08/05/2024 08:13:43

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 345,766368,890-6.268381,288-9.316
Gross Profit (Loss) 82,34390,122-8.63123,246254.224
Operational Profit (Loss) 16,85821,263-20.716-114,802-
Net profit (Loss) 15,56514,7085.826-89,794-
Total Comprehensive Income 15,56514,7085.826-87,261-
All figures are in (Thousands) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (After Deducting the Minority Equity) 1,520,0741,726,558-11.959
Profit (Loss) per Share 0.190.18
All figures are in (Thousands) Saudi Arabia, Riyals


Element ListPercentage of the capital (%)Amount
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value --
All figures are in (Thousands) Saudi Arabia, Riyals


Element ListExplanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is The decrease in sales is due to the decrease in average selling prices despite the increase in quantities sold, as a result of the market situation in the current period compared to the similar period of the previous year.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The reason for the increase in net profit during the current quarter compared to the same quarter of the previous year is the decrease in selling and marketing expenses, general and administrative expenses, and zakat expense. There was also an increase in other revenues, which affected net profit positively despite the increase in financing costs and the decrease in gross profit compared to the same period of the previous year.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is The decrease in sales is due to the decrease in average selling prices as a result of the market situation in the current period compared to the previous quarter
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is The reason for the increase in net profit during the current quarter compared to the previous quarter is due to the increase in gross profit and the decrease in financing costs in the current quarter, in addition to the recognition of impairment losses in the value of the subsidiary’s assets in the amount of 78 million riyals in the previous quarter.
Statement of the type of external auditor's report Conservation
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) The accompanying interim condensed consolidated statement of financial position includes property, plant, and equipment (PPE) amounting to Saudi Riyal 1,510 million as at March 31, 2024. The Group performed a detailed impairment assessment to determine the recoverable value of PPE for one if its subsidiaries, Ceramic Pipes Company (“CPC”), which resulted in an impairment loss of Saudi Riyals 78 million as at December 31, 2023. However, while identifying the smallest cash generating unit (“CGU”), the Group has considered all of its PPE, including land of CPC as a single CGU. Determining the land to be included in the CGU is not in accordance with International Accounting Standard 36 - Impairment of Assets. Had the land been excluded from the CGU, based on the valuation performed by management as at March 31, 2024, the impairment loss would have increased by Saudi Riyals 65 million.
Reclassification of Comparison Items None
Additional Information Regarding the impairment losses on property, plant and equipment of the above-mentioned subsidiary and the consideration of land as part of the cash generation unit, the Company relied on the opinions of accredited auditing firms when calculating impairment losses.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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Net Change -1.0 (-2.7%)
Value Traded (Sar) 32,339,211.2
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