RIYADH: Saudi Ceramic Co.’s 2021 earnings results have revealed over a threefold jump in net profit on the back of better profit margins.

The Riyadh-based firm made SR233 million ($62 million) in profit, compared to SR77.7 million last year, it said in a bourse statement on Tadawul.

Revenues stood at SR1.53 billion, up slightly from SR1.51 billion in 2020. 

The strong results were fueled by improved profit margins due to increased prices and lower cost of goods sold, along with lower financing costs as it repaid a large sum of loans, the company noted.

Separately, the firm said  it will distribute cash dividends of almost SR60 million, or SR0.75 per share, in the second half of 2021.

Established in 1977, Saudi Ceramics provides construction solutions in the Kingdom through its wide array of ceramic products.

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