The CEO of . saidRAK Ceramics Group Abdullah Massad, said that an agreement was signed to establish a factory in the Royal Commission for Jubail and Yanbu in Saudi Arabia, with investments of 500 million dirhams.
Massad added in an interview with “Al-Arabiya”, that the factory will start working according to the plan at the beginning of 2025, and “the agreement was signed with the Royal Commission…and we have a year to present studies and maps.”
He stated that Saudi Arabia is the second largest market for RAK Ceramics, adding: “We have showrooms, warehouses and affiliated companies in the Kingdom.”
Regarding other expansion plans, Massad said that the company acquired 37% of “Rakbors”, knowing that the company had a 50% stake in it, and it also acquired the “Cloudy” group with a value of more than 150 million dirhams, in the second quarter.
He added that the company’s revenues increased by more than 32% in the second quarter of this year, noting that there were 50 million dirhams achieved from the acquisition of “Cloudy”.
The CEO stated that profits increased by 7% from the same quarter of the previous year, but profits grew more, as 20 million dirhams of non-operating profits were set aside from sales of the China factory in the comparative quarter of 2021.
Massad indicated that the company approved provisions in the second quarter of 35 million dirhams, despite that, the quarterly profits grew.
The quarterly profit of RAK Ceramics increased by 5% compared to the same quarter of last year, to record 91 million dirhams.
The company recorded an increase in its quarterly revenues by 33% to reach about 930 million dirhams.
Quarterly impairment losses increased more than 7 times to reach 35 million dirhams.
The company also recorded a profit of 32 million dirhams from the acquisition of subsidiaries.
The company’s board of directors recommended distributing cash dividends to shareholders at the rate of 10 fils per share for the first half of this year.