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FINANCIAL NEWS
RAK Ceramics 2010 net profits climb to USD73.55m
09 Apr 2011
(MENAFN) RAK Ceramics Chariman, Prince Shaikh Mohammed bin Saud bin Saqr Al Qasimi, stated that the Ras Al Khaimah-based company’s net profit of 2010 rose 3.2 percent to USD73.55 million from USD 71.29 million a year ago, reported Khaleej Times.
The chairman also said that RAK raised its profit despite the decline in the construction sector which caused the firm’s consolidate revenue to go down 11.5 percent to USD906 million from USD1.02 billion.
Prince Al Qasimi added that RAK agreed on a 10 percent bonus shares to be given to shareholders during the company’s annual general assembly meeting.
It is worth noting that RAK Ceramics had a successful year in 2010 with global sales of around 101.8 million square meters of tiles as well as 3.97 million pieces of sanitary ware.
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