RAK Ceramics Announces H1 2019 Financial Results
- Total revenue decreased by 6.8% to AED 1.29 billion compared to H1 2018. However, total revenue increased by 7.6% quarter on quarter.
- Sanitaryware revenue increased by 6.7% year on year driven by sales in Saudi Arabia, India and Europe.
- Tableware revenue increased by 3.8% driven by growth in US and GCC markets. Total gross profit margin increased by 100bps year on year to 34.2%, driven by an increase in tiles gross profit margins by 130bps to 29.9%.
- EBITDA increased by 8% year on year to AED 239.8 million.
- Reported net profit decreased by 8.5% year on year to AED 110.3 million, at a margin of 8.6%. However, net profit increased by 98.8% quarter on quarter to AED 73.4 million owing to the reversal of a receivables provision amounting to AED [22.1mn].
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