RAK Ceramics reports AED80 million in quarterly net profit

RAK Ceramics reports AED80 million in quarterly net profit

RAS AL KHAIMAH, 12th May 2023 (WAM) – RAK Ceramics PJSC announced today reported net profit increased by 14.9% year on year to AED80.1 million for Q1 2023 due to higher revenue and gross profit margins.

This came in a statement announcing the company's financial results for the quarter ended 31 March 2023, where it reported a total revenue of AED882.4 million, an increase of 12.7% and a total EBITDA of AED 157.1 million, an increase of 21% during Q1 2023 compared to Q1 2022.

Commenting on the results, Abdallah Massaad, Group CEO, RAK Ceramics, said, “RAK Ceramics announced its results for Q1 2023 which continues to be resilient despite the ongoing economic challenges weighing in namely due to higher interest rates, currency devaluation, recessionary fears in major markets and increased competition.

"Our performance in UAE market remains solid, allowing us to maintain a strong position as we encounter challenges in other major markets in the form of local competition, recessionary fears and currency devaluation. Despite these obstacles, our unwavering commitment lies in positioning ourselves as a trusted premium supplier and we will continue to actively expand our retail presence in the region.”