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Abu Dhabi, May 12 / Ras Al Khaimah Ceramics, listed on the Abu Dhabi Stock Exchange, announced its financial results for the first quarter ending on March 31, 2023, recording total revenues of 882.4 million dirhams, an increase of 12.7%.
The company said, in a statement today, that the registered net profit increased to 80.1 million dirhams during the first quarter of 2023 compared to 69.7 million dirhams during the first quarter of 2022 as a result of higher revenues and gross profit margins, and an increase in total income before interest, taxes, depreciation and debt amortization. to 157.1 million dirhams, an increase of 21% during the first quarter of 2023 compared to the first quarter of 2022.
Abdullah Massaad, CEO of RAK Ceramics Group, said: “The company continues to enjoy resilience and the company’s performance in the UAE market remains strong, which allows it to maintain a strong position. The company is working to position itself as a reliable supplier, and will continue to expand its presence in retail sector in the region.
Ras Al Khaimah Ceramics continues to advance its expansion plans in its various markets, with the start of commercial production of the smart tile factory in the UAE, where the factory is characterized by smart tile automation and Internet of Things technologies to revolutionize the tile industry, while the expansion of tableware capacity is still underway, as commercial production is estimated During the third quarter of 2023, with an additional 10 million pieces.
The company continues its activity by obtaining the necessary licenses and approvals with regard to new projects in Bangladesh and the Kingdom of Saudi Arabia.
Tile revenue witnessed a steady growth of 0.9% year-on-year to reach AED 520.9 million driven by an increase in selling prices due to change in product mix.
Net debt increased by 157.7 million dirhams to reach 1.46 billion dirhams compared to December 2022, mainly due to the distribution of cash dividends of 112 million dirhams and an increase in working capital.
RAK Ceramics is highly committed to sustainability and reducing our carbon footprint. Recent investments include efficient online mosaic production, environmentally friendly tile recovery and recycling processes, and an advanced scanning solution. Long term investment includes waste use and energy consumption.
