RAK Ceramics reports increase in UAE, India, Dhaka revenues
RAS AL KHAIMAH: RAK Ceramics, one of the largest ceramics’ brands in the world, has announced its inancial results for the irst quarter ended March 31, 2018.
The company reported stable year on year performance with total revenues at Dhs661.8 million and core revenues growing by 1.0 per cent to Dhs626.8 million.
RAK Ceramics’ total revenue in Q1 2018 decreased by 2.8 per cent year on year, driven by a 42.1 per cent drop in non-core revenue and due to discontinuation of the rough grading business in line with RAK Ceramics’ value creation plan.
RAK Ceramics’ core revenue grew by 1 per cent year on year, driven by strong sales in the UAE, India and Bangladesh.
Tile revenues in the UAE, India and Bangladesh increased by 19 per cent, 15.9 per cent and 3.9 per cent respectively year on year. Core EBITDA increased by 3.0 per cent to Dhs99.3m compared to Q1 2017 with margins of 15.8 per cent and core gross profit margin remained stable at 32.0 per cent compared to Q1 2017.
Driven by company’s strategic focus on divesting non-core operations, non-core revenue contribution reached an all time low of 5.3 per cent due to the discontinuation of the rough grading business.