Abu Dhabi – Mubasher: RAK Ceramics logged net profits after tax valued at AED 62.90 million in the first quarter (Q1) of 2024, down 21.50% from AED 80.10 million in Q1-23.
The revenues amounted to AED 781.60 million in Q1-24, an annual drop of 11.40% from AED 882.40 million, according to the financial results.
Abdallah Massaad, Group CEO of RAK Ceramics said: “This quarter witnessed significant turbulence, marked with continued global geo-political and economic challenges. Major markets worldwide have been struggling to recover from recession thus dampening consumer spending.”
“The ongoing challenge in Red Sea has added to the disruption of global value chains and squeezed profit margins for all businesses,” Massaad added.
He elaborated: “Despite these challenges, we are committed to investing in our brand, improving and strengthening our manufacturing capabilities and expanding our market outreach.”
Last year, the ADX-listed firm logged 5.70% lower net profits at AED 320.85 million, compared to AED 340.10 million in 2022.
