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Saudi Ceramic Co. announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 1,314,868 | 1,484,958 | -11.45 | ||
| Gross Profit (Loss) | 237,323 | 452,342 | -47.53 | ||
| Operational Profit (Loss) | -263,863 | 184,750 | - | ||
| Net profit (Loss) | -210,351 | 173,920 | - | ||
| Total Comprehensive Income | -207,423 | 176,571 | - | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 1,504,509 | 1,749,702 | -14.01 | ||
| Profit (Loss) per Share | -2.63 | 2.18 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The reasons for the Decrease in sales revenue due to the decrease in selling prices compared to the previous year. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reasons for the Company's net loss during the current year compared to the previous year are: • The Company formed a provision of SAR 165 million to meet the impact of the fire in one of its factories, which was previously announced in Tadawul on July 16, 2023. • The Company recognized an impairment of assets in the subsidiary "Ceramic Pipes Company" amounting to SAR 78 million. • Decrease in sales revenue due to the decrease in selling prices compared to the previous year, in addition to an increase in the prices of raw materials and financing costs. Note that the current year witnessed a decrease in general and administrative expenses and an increase in other income. |
| 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 consolidated statement of financial position include property, plant, and equipment of the Group amounting to Saudi Riyals 1,513 million as at December 31, 2023. As explained in Note 5, management of the Group has performed detailed assessment to determine the recoverable value of property, plant and equipment of one if its subsidiaries, Ceramic Pipes Company (“CPC”), which resulted in an impairment loss of Saudi Riyals 78 million. While identifying the smallest cash generating unit (“CGU”) management has considered all of property, plant and equipment of CPC as a single CGU. Determining the land to be part of the CGU is not in line with International Accounting Standard 36 - Impairment of Assets. Had the land been excluded from the CGU, based on the valuation performed by management, the impairment loss for the year and net loss for the year would have been higher by Saudi Riyals 68 million. We draw attention to Note (35) of the consolidated financial statements, which explains a fire incident in the sanitary ware department of the Company's second factory. This incident resulted in damage to machinery and equipment, with a corresponding book value of SAR 136,879,422 and inventory amounted to SAR 27,964,086 which has been written off in the consolidated financial statements. The Group’s management has filed a claim with the insurer and expecting a recovery of full amount upon completion of loss assessment. Our opinion is not modified in respect of this matter |
| Reclassification of Comparison Items | Not applicable |
| 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. With regard to the above-mentioned fire allowance, the fire led to the interruption of production at the second sanitary plant and damage to machinery and buildings. The provision was formed in agreement with the external auditor as compensation procedures have not been completed. Note that the company has full insurance coverage for all its factories and is fully confident, God willing, that it will receive compensation from the insurance company for all losses caused by the fire as soon as the procedures are completed. |
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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