Revenue for RAK Ceramics in 2018 First Quarter Meets Expectations
RAK Ceramics’ tile revenues in the UAE, India and Bangladesh increased by 19%, 15.9%, and 3.9%, respectively, compared to the first quarter of 2017.
RAK Ceramics PJSC recently announced its financial results for the first quarter ended March 31, 2018. The company reported stable year-on-year performance, with total revenues reaching AED 661.8 million (approximately $180.2 million) and core revenues growing by 1% to AED 626.8 million (~ $170.6 million). Tile revenues in the UAE, India and Bangladesh increased by 19%, 15.9%, and 3.9%, respectively, compared to the first quarter of 2017.
RAK Ceramics’ total revenue in the first quarter of 2018 decreased by 2.8% compared to the 2017 quarter, driven by a 42.1% drop in non-core revenue and due to the discontinuation of the rough grading business in line with the company’s value creation plan. Driven by RAK’s strategic focus on divesting non-core operations, non-core revenue contribution reached an all-time low of 5.3% following the discontinuation of the rough grading business.
“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, CEO. “Our key markets, 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.”
For more information, visit https://corporate.rakceramics.com.