Abu Dhabi – Mubasher: Ras Al Khaimah Cement (RAK Cement), listed on the Abu Dhabi Securities Exchange (ADX), has reported a 15.8% year-on-year growth in net profits for the first quarter of 2019.
The company has recorded a net profit of AED 2.2 million during the January-March period of 2019, compared to AED 1.9 million in the prior-year period, according to a statement.
The rise in Q1-19 profits was mainly driven by an increase in profit margin of 8.5%, versus 4.7% in Q1-18 as cost of sales dropped by 16%, RAK Cement said.
Sales revenue dropped to AED 49.77 million in the first three months of 2019, versus AED 56.6 million in the year-ago period, the company highlighted.
Total assets amounted to AED 671.41 billion at the end of March, versus AED 665.74 billion in the same quarter of 2018.
