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[March 2008]
10% Increase in Profits at RAK Ceramics
RAK Ceramics, the Ras Al Khaimah based ceramic manufacturing giant, has announced a net profit of AED 169.7 million for the year 2007, a 10% increase from the AED 153.7 million reported for 2006.
The annual general assembly of the company held at Hotel Al Hamra Fort approved a 20% bonus share issue to the shareholders.
Dr Khater Massaad, CEO of RAK Ceramics, said that the the company was able to deliver a solid performance and achieve an impressive 35% revenue growth in 2007, despite the high energy prices and increase in freight and raw material costs.
Dr Massaad said that the annual revenue of the company touched AED 2.27 billion, posting a 35% increase from AED 1.68 billion in 2006. He said that the company achieved global production of 98 million square metres of tiles and 3.3 million pieces of sanitary ware in 2007.
“The company will strive to maintain its leadership position by sustaining the growth momentum through superior performance, identifying and entering new markets and offering unmatched product quality and service. The company is looking forward to having good results from the current investments and improving the sales and marketing efforts,” he added.
ENDS