RAK Ceramics posts Dhs80m in quarterly net profit
- 13 May 2023
RAK Ceramics announced reported net profit increased by 14.9% year on year to Dhs80.1 million for Q1 2023 due to higher revenue and gross profit margins.
This came in a statement announcing the company’s financial results for the quarter ended 31 March 2023, where it reported a total revenue of Dhs882.4 million, an increase of 12.7% and a total EBITDA of Dhs157.1 million, an increase of 21% during Q1 2023 compared to Q1 2022.
Commenting on the results, Abdallah Massaad, Group CEO, RAK Ceramics, said, “RAK Ceramics announced its results for Q1 2023 which continues to be resilient despite the ongoing economic challenges weighing in namely due to higher interest rates, currency devaluation, recessionary fears in major markets and increased competition.