The Saudi Ceramic Company achieved a growth rate of 986.7% in net profits to reach 77.7 million riyals in 2020, compared to 7.15 million riyals during the same period last year, with a growth rate of More than 11 times.
According to Arabiya Net, the company said in a statement that the profit growth is due to the increase in revenues resulting from the improvement in sales and profit margins as a result of the increase in prices and the quantity sold, the decrease in selling and administrative expenses, and the decrease in financing costs due to the payment of a large part of Loans, low interest rates.
She explained that the improvement in performance during the current year was achieved despite the company making amortizations and creating additional allocations compared to the previous year.
