Saudi Ceramic Company, a leading provider of building solutions including various types of ceramic products, has announced that its net profit for the first quarter plunged 71% from SR51.2 million ($13.6 million) to SR14.7 million ($3.9 million) mainly due to a drop in sales amid poor demand in the tiles segment due to the global market conditions.

 

Announcing its interim financial results for the three-month period ended March 31, 2023, Saudi Ceramics  said its revenue too registered a sharp decline hitting SR369 million ($98.2 million) over the previous year's figure of SR396 million ($105.4 million).

 

The current quarter compared to the same quarter of the previous year was also affected by the increase in cost of production, which negatively affected the total profit, it stated. 

 

The increase in interest cost also adversely affected the net profit, it added.-TradeArabia News Service