The financial statements of the Saudi Ceramic Company showed a positive shift in the results of the company in the past year compared to the same period in 2018.

According to the results of the company for the Saudi market (Tadawul) today, last year’s profits amounted to 7.15 million riyals, compared to losses for the year 2018 amounting to 220.6 million riyals.

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The company said in a statement to the Stock Exchange that the improvement in results is due to an increase in sales resulting from the increase in the average price and the quantity sold during the year.

The decrease in depreciation expenses for machinery and equipment as a result of the revaluation of the assets' lives in the third quarter of the year led to a rise in the net profit, as the asset ages were reassessed to be 20 years. Instead of 10 to 12.5 years.

Moreover, general and administrative expenses, inventory provision and expected credit loss expense have decreased.