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09/05/2017 05:22 AST
RAK Ceramics reported on Monday Dh55 million in net profit for the first quarter of 2017, marking a 5 per cent decline over the Dh57.8 million recorded in the same quarter of last year.
Revenues dropped 7.4 per cent in the quarter to reach Dh681 million.
In its management report posted to the Abu Dhabi bourse website, RAK Ceramics said the drop in profits reflects "lower non-core profitability on the one hand, and gains on the sale of non-core assets (Electro RAK) on the other, as we continue to exit these businesses."
"We continue to look towards 2017 with cautious optimism on the back of continued strength in demand from the UAE, the continued ramp up of our production in Iran, and an expected recovery in our Indian operations," the report from the board of directors said.
It added that the business will revamp Iran, leverage recent investments in Europe distribution, and expand the GCC manufacturing footprint.
During the first quarter of 2017, the company acquired control over its joint venture Restofair RAK, and converted it to a subsidiary. In line with the strategy to exit the non-core business, RAK Ceramics disposed its entire stake in Electro RAK group, recording a Dh3.8 million gain on disposal.
Gulfnews
01/03/2018
RAK Ceramics said on Tuesday its shareholders have approved plans of the board, which recommended Dh0.25 per share of dividend and 5 per cent bonus shares.
RAK Ceramics will begin trading ex-div
Gulf News
08/02/2018
RAK Ceramics, the world's fourth-largest producer of ceramics, returned to profitability in 2017, on the back of higher revenues, after the company took a loss in the previous year because of provisi
The National
07/06/2017
RAK Ceramics, one of the largest ceramics brands in the world, said it has partnered with the School of Architecture, Art and Design at the American University in Dubai (AUD) for an exciting design p
Trade Arabia
| Ticker | Price | Change |
|---|---|---|
| ALPHADHABI | 12.04 | 0.10 (0.83 |
| IQCD | 13.30 | 0.09 (0.68 |
| ADNOCLS | 5.40 | 0.01 (0.18 |
| MPHC | 1.63 | 0.00 (-0.13 |
| QEWS | 15.80 | -0.06 (-0.38 |
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Financial Information Co.