RAK Ceramics swings to 2021 profit on higher revenue

07 February, 2022
RAK Ceramics swings to 2021 profit on higher revenue
RAK Ceramics, one of the world's biggest producers of ceramics, swung to 2021 profit on higher revenue and lower impairment losses as global economies continued to recover from the coronavirus pandemic.

Net profit attributable to the owners of the company for the full year climbed to Dh246.45 million ($67.16m), compared with a loss of Dh129.7m reported a year earlier, the company said in a statement on Monday to the Abu Dhabi Securities Exchange, where its shares are traded.

Revenue at the end of the last year jumped 21.8 per cent annually to Dh2.86 billion while impairment losses declined 36 per cent year on year to Dh32.8m. “Despite the challenges, our business saw positive momentum and a gradual return towards normality with economic activities and trade resumption,” Abdallah Massaad, group chief executive of RAK Ceramics, said.

“We reported a significant revenue increase in the first quarter of the year, marking a five-year high in terms of profitability."

The company has reported three consecutive quarters of positive revenue growth, which has resulted in "a healthy net profit", he added.

RAK Ceramics board has recommended a dividend of 20 fils per share for the 2021 financial year, half of which was paid in October last year as an interim dividend, the company said.

It also revised the dividend policy with a minimum payout of 20 fils annually for 2022 to be paid on a semi-annual basis and said it will pay a minimum dividend of 60 fils over the next three years.

"Our priority in 2022 is to protect our market share and further strengthen brand perception in our core markets with a sustained investment in brand initiates such as new showrooms, retail outlet stores and e-commerce platforms," Mr Massaad said.
Source: www.thenationalnews.com
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