Riyadh – Mubasher: Saudi Ceramics posted its financial results on Monday and reported a net profit of SAR 48 million ($12.8 million) in the first quarter of 2016, a decline of 43% year-on-year.
The profit drop during the three-month period is due to lower sales and other revenues as well as increased financing costs and Zakat expenses, the company said in a filing to the Saudi Stock Exchange (Tadawul).
The ceramics firms added that the quarter saw a decline despite falling cost of sales and marketing expenses as well as retreating administrative and general expenses.
