Abu Dhabi – Mubasher: Ras Al Khaimah Ceramic Company (RAK Ceramics) achieved a growth of 73.3% in profits in the second quarter of 2017 compared to the same period a year ago.
Earnings increased to AED 113.19 million ($30.81 million) in Q2-17 from AED 65.31 million ($17.77 million) in Q2-16, according to a bourse statement issued on Thursday.
The cost of sales declined by 9.12% to AED 481.57 million in Q2-17 from AED 529.95 million in Q2-16.
During the first six months of 2017, profits increased by 35.4% to AED 177.65 million from AED 131.17 million in H1-16, RAK Ceramics added.
The general and administrative expenses shrank by 6%, while other revenues increased by 45.6% to AED 42.1 million.
Financing revenues grew to AED 6.2 million in H1-17 compared to AED 1.5 million in H1-16.
In the first quarter this year, RAK Ceramics posted a decline of 4.9% year-on-year in profits to AED 54.97 million.
