Abu Dhabi – Mubasher: Ras Al Khaimah Ceramics (RAK Ceramics) on Wednesday said its profits fell 28.6% year-on-year in the full-year 2018.
Net profits recorded AED 225.09 million in 2018, compared to AED 315.51 million in 2017, according to the company’s statement to the Abu Dhabi Securities Exchange (ADX).
Revenues declined 2.74% to AED 2.77 billion over the year ended 31 December 2018, against AED 2.85 billion in the previous year.
“RAK Ceramics reported ‘all-time high’ total gross profit margins of 33.2%, +160bps YoY, as a result of operational efficiencies, the consolidation of Saudi Arabian entities and higher gross profits in the UAE and tableware businesses,” the statement added.
Moreover, the tableware business continued to show strong growth with revenues reaching AED 264 million, +11.0% year-on-year, supported by growth in the US, European and Asian markets.
The company’s board recommended distributing cash dividends worth 15 fils per share.
By 01:15 pm UAE time, RAK Ceramics’ stock rose 3.17% at AED 1.95.
