RAK Ceramics announces Q2 2020 financial results

RAK Ceramics announces Q2 2020 financial results

Production has restarted in Bangladesh and India in June and July in phases; however, the tableware business has been severely impacted due to the slowdown in the hospitality and airline industries and is currently operating at 65% capacity.In the UAE, production lines were optimised to meet demand. From July, UAE production began running at optimal capacity due to an increase in demand from Saudi Arabia. COVID-19 impact on revenueRAK Ceramics revenue in all markets except Saudi Arabia was negatively impacted due to COVID-19 in the second quarter of 2020. There was a decrease in revenue in April and May as the business began to feel the impact of lockdowns and reduced demand in the construction, hospitality and airline industries.The decrease in revenue had an impact on the bottom line and RAK