The net profit of the Saudi Ceramic Company recorded a decline of 18.36% to reach 42.78 million riyals after zakat and tax in the third quarter of 2022, compared to a net profit of about 52.39 million riyals in the same quarter of 2021.
According to Arabiya Net, the company said in a statement that the decline in net profit in the third quarter of 2022, on an annual basis, is due to the rise in the costs of some production inputs, which affected profit margins in addition to the increase in selling and administrative expenses.
The third quarter of this year also witnessed an increase in financing costs compared to the same quarter of the previous year.
On a quarterly basis, Saudi Ceramics net profit increased by 12.66% in the third quarter of 2022, compared to a net profit of about 37.97 million riyals in the second quarter of 2022.
During the first nine months of 2022, Saudi Ceramics net profit declined by 29.27% to 132.04 million riyals after zakat and tax, compared to 186.68 million riyals, profits in the same period of 2021.
