Tableware Sales Strong as RAK Ceramics Sees Flat Revenue in 2018 Third Quarter
RAK Ceramics reported total revenues of AED 669.5 million (approximately $182.3 million); core revenues declined by 0.6% compared to the 2017 third quarter to AED 639.6 million (~ $174.1 million).
RAK Ceramics PJSC recently announced its financial results for the third quarter ended September 30, 2018. The company reported total revenues of AED 669.5 million (approximately $182.3 million); core revenues declined by 0.6% compared to the 2017 third quarter to AED 639.6 million (~ $174.1 million). Core revenues declined by 5.7% compared to the 2018 second quarter, impacted by a slowdown in sales during the summer months.
According to the company, its core business remained stable, supported by strong sales in the UAE and Europe and growth in the tableware business. Sanitaryware revenue increased by 4.8% compared to the 2017 third quarter and were 5.8% higher than the second quarter of 2018, due to strong sales in UAE and Europe markets. Revenue for tableware was up 5.9% compared to the third quarter of 2017, due to growth in Europe and U.S. markets
Production trials began in the recently expanded facility in Morbi, Gujarat, India, in October 2018. The greenfield project is progressing and is due to begin commercial production in the first quarter of 2019.
“RAK Ceramics’ performance for the third quarter of 2018 has been stable, despite market slowdown in the summer months and increased costs,” said Abdallah Massaad, group CEO. “As we look to optimize our business operations, we will continue to drive innovation in our product portfolio and focus on rolling out our new branding supported by a shop in shop concept in our showrooms.
“Looking ahead to the remainder of 2018, our priorities are to increase market share in the UAE, India and Bangladesh, and improve profitability in Europe, as we remain focused on cost reduction and operational efficiencies.”
For more information, visit https://corporate.rakceramics.com.