The Saudi Ceramic Co. on Tuesday released its 2020 financial results which showed a giant 986.7 percent leap in net profits.
Figures revealed the company made SR77.7 million ($20.71 million) compared to SR7.15 million for the same period the previous year, with growth increasing elevenfold, the firm said in a statement on Tadawul.
Revenues came in at SR1.516 billion compared to SR1.235 billion in 2019, a rise of 23 percent.
Sales and profit margins improved due to increased prices and sale quantities, along with lower retail and administrative expenses and financing costs, due to the repayment of a large sum of loans, and lower interest rates, according to the company.
Results also pointed out an improvement in performance despite the firm’s amortization work and additional provisions.