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[April 2005]
Profits Progress at RAK Ceramics
AUCBM's round-up says that RAK Ceramics (Ras Al Khaimah, UAE) witnessed an increase in its net profits for third quarter performance; net profits for Q3 2004 were reported at AED 81.8 million, up from AED 76.4 million in Q3 2003. Total assets increased to AED 1.736 billion by the end of Q3 2004 as compared to AED 1.356 billion at the end of Q3 2003.
The company also received the Arabian Business Company 2004 Award. Dr Khater Massaad, the CEO of RAK Ceramics, received the award on behalf of the company.
One of RAK Ceramics' more recent projects is the plan to install a US$100 million power station with a view to covering its electrical power needs. The station's capacity will be 120MW. This follows conclusion of an agreement between Ras Al Khaimah Gas Organization and Dolphin Power under which Dolphin will sell supplies of natural gas to the Emirate as of March 2005. Supplies will continue until July 2007 under the agreement.
ENDS