RAK Ceramics' 2024 First-Quarter Earnings After Tax Fell by 21.5% to US$17.13 million.

UAE: RAK Ceramics, one of the world's largest providers of ceramics lifestyle solutions, reported a 21.5% decline in first-quarter profit after tax to AED62.9 million ($17.13 million).  

The primary factor contributing to the 14.8% decline in tiles revenue year-on-year to AED443.6 million (US $120 million) was a reduction in volumes observed in Saudi Arabia and Europe. Affected by the logistical difficulties precipitated by the Red Sea crisis are export markets as a whole. Notwithstanding these obstacles, we RAK Ceramics hasve successfully averted any significant repercussions on the gross margins.   

 The substantial challenges encountered in key markets, including Italy and the United Kingdom, contributed significantly to the 12.7% year-on-year decline in sanitaryware revenue. Europe, in particular, is still grappling with recessionary pressures and inflationary trends that have a negative impact on consumer spending. 

Source: Trade Arabia