August 14, 2022

Dubai Week

Complete Dubai News World

We aim to establish a factory in Saudi Arabia with an investment of 500 million dirhams

We aim to establish a factory in Saudi Arabia with an investment of 500 million dirhams

CEO saidRAK Ceramics Group Abdullah Masad said that the Royal Commission for Jubail and Yanbu in Saudi Arabia signed an agreement to establish a factory with an investment of 500 million dirhams.

In an interview with “Al-Arabiya”, he said that the factory will start operating according to the plan at the beginning of 2025, adding that “a contract was signed with the Royal Commission… We have a year to present further studies. Drawings.”

He said Saudi Arabia is the second largest market for RAK Pottery: “We have showrooms, warehouses and subsidiaries.”

Regarding other expansion projects, Masad said that the company acquired 37% of “Rakbors” and “Cloudy” group, which is worth more than 150 million dirhams, knowing that it has a 50% stake. Second quarter.

He said that the company’s revenue increased by more than 32% in the second quarter of this year and the acquisition of “Cloudy” brought in 50 million dirhams.

Profits were up 7% from the same quarter a year earlier, the CEO said, but profits grew more because of the provision of 20 million dirhams in non-operating profits from the sale of the China factory in the comparable quarter of 2021.

Massad pointed out that the company had allowed 35 million dirhams in the second quarter, although quarterly profit grew.

RAK Ceramics reported a 5% increase in quarterly profit to 91 million dirhams compared to the same quarter last year.

The company reported a 33% increase in its quarterly revenue to around 930 million dirhams.

Quarterly impairment losses increased more than 7 times to reach 35 million dirhams.

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The company also recorded a profit of Dh32 million from the acquisition of subsidiaries.

The board of directors of the company has recommended distribution of cash dividend of 10 fils per share to the shareholders for the first half of this year.