RAK Ceramics profit down 5% to Dh55m

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

News

RAK Ceramics shareholders approve dividend, bonus plan

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

RAK Ceramics posts Dh270m profit for 2017

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

RAK Ceramics partners with American University in Dubai

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

Most Viewed Companies

Ticker Price Volume
NAYIFAT 13.94 229,739
RIBL 24.84 6,676,931
ABC 0.35 370,000
DIC 2.07 2,049,713
ALRAJHI 85.00 7,711,297
A.OTHAIMMARKET 11.90 545,416
ZAINKSA 10.82 1,868,409

Valuation

RAKCEC Sector Market
P/E
Price/BookValue
Dividend Yield (%)

Momentum

Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg

Top Related Companies

Ticker Price Change
ALPHADHABI 12.04 0.10 (0.83%)
IQCD 13.30 0.09 (0.68%)
ADNOCLS 5.40 0.01 (0.18%)
ADPORTS 5.04 -0.10 (-1.95%)
MPHC 1.63 0.00 (-0.13%)

Recent News

EEC's capital optimization plan to shore up financial position and sustain growth: CEO

14/09/2024

RIYADH: Saudi master developer Emaar The Economic City's SR8.7 billion ($2.32 billion) capital optimization plan is a "strategic response" to its current financial challenges, according to its CEO. <

Saudi Gazette

Arabian Mills set final IPO price at $17.59 per share as CEO details growth vision

12/09/2024

Saudi wheat flour producer Arabian Mills for Food Products Co. has set its final initial public offering price at SR66 ($17.59) per share on the Tadawul main market. During the book-building proces

Arab News

SABIC-MCC joint venture starts output

04/05/2018

SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.

Saudi Gazette

S&P affirms QIB rating at A-

05/04/2018

Standard & Poor's (S&P) has affirmed QIB's Issuer Credit Rating at A-, Qatar's leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB's rating

Gulf Times

Qatar National Bank seeks growth in Southeast Asia

05/04/2018

Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told

The Peninsula

logo

Financial Information Co.

(MITCO), P.O. Box 69410, Riyadh 11547, Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2024, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap