Leading ceramics brand RAK Ceramics has recently released its financial results for the first quarter of 2018.
While the company reported stable year-on-year performance with total revenues at AED661.8 million and core revenues growing by one percent to AED626.8 million, RAK Ceramics‘ total revenue in Q1 2018 decreased by 2.8 percent year-on-year. RAK explained that this was driven by a 42.1 percent drop in non-core revenue and the discontinuation of the rough grading business in line with its value creation plan.
According to the company, tile revenues in its largest markets including the UAE, India and Bangladesh have increased by 19 percent, 15.9 percent and 3.9 percent respectively.
“Our first quarter performance was stable and in line with expectations despite an increase in our energy costs, which we were able to offset through improvements in our operational efficiencies,” said Abdallah Massaad, group CEO.
He added, “Our key markets — the UAE, India, and Bangladesh — remain strong and we have even seen increased revenue from the growing Indian market following the set-up of a JV late last year. Looking ahead for the rest of the year, we remain focused on creating further operational efficiencies and progressing with our value creation plan.”