The financial statements of the Saudi Ceramic Company showed the company's turnaround in profitability in the second quarter of this year compared to the same period in 2019.
According to the company's results for the Saudi market (Tadawul) today, Thursday, the profits for the period amounted to 6.562 million riyals, compared to the losses for the same period in 2019 of 16.104 million riyals. p>
The company said in a statement to the Stock Exchange that the improvement in profits during the comparison periods is due to the improvement in sales resulting from the increase in the average price, the quantity sold and the expansion in the retail sector.
There is also a decrease in the company's general and administrative expenses and a decrease in financing costs during the current quarter.
In addition to the decrease in depreciation starting from the third quarter of the year 2019 after a reassessment of the assets' lives.
In contrast, according to the company statement, profits were affected in the second quarter of this year due to the increase in provisions.
On the other hand, the company recorded profits of 17.198 million riyals in the first half of 2020, compared to losses of 41.152 million riyals for the same period last year. >
(Fun Knowledge of Knowledge)
