Saudi Ceramics Company (2040.SE) has started commercial production at its expanded water-heaters production plant, after it had concluded expansion works in the end of 1Q2016 and expects to reach full production capacity by end of 2Q2016. The company expects the project to contribute SAR92 million annually to the company’s revenues, assuming full capacity. The project’s total cost came at cSAR70 million and has a capacity of 600k water heater/annum. Also, Saudi Ceramics has started experimental operations in the company’s second sanity ware production plant , which the company expects to continue until end of 2Q2016, and will later announce the commencement date of commercial production and the expected financial impact. (Company disclosure)   Saudi Ceramics: SAR37.87 as of 30 March 2016, Rating: Buy, FV: SAR60.00 per share, MCap: USD505 million, SCERCO AB / 2040.SE