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FINANCIAL NEWS
UAE-based RAK Ceramics posts USD58.7mn profit
16 Feb 2017
(MENAFN) UAE-based RAK Ceramics, one of the major ceramics brands in the world announced that its net profit for 2016 reached 37.1 percent to USD58.7mn.
However, the whole revenue for the firm also dropped to 9.3 percent to reach Dh2.8bn year-on-year.
Accordingly, the firm emphasized that the lower core incomes resulted from falling sales in Saudi Arabia and India, which were 41 percent and 25.6pct lower, respectively.
In addition, it also pointed out that the continued increase in the UAE, the firm”s largest market, where tiles and sanitary ware sales also grew 1.5 percent.
MENAFN1602201700450000ID1095250942
MENAFN1602201700450000ID1095250942
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