RAK Ceramics Q1 Profits Plunge By 70% in Bangladesh

Bangladesh: RAK Ceramics Bangladesh, leading tile and sanitaryware company, witnessed a staggering 70.5% drop in profits for the first quarter of 2024 compared to the same period last year. This slump has been attributed to a combination of factors such as, intense market competition forcing lower prices, rising financing costs due to increased borrowing and higher import costs caused by currency devaluation. Thus, despite an increase in sales, profits still witnessed a sharp decline from USD $ 1.4 million in Q1 2023 to USD $ 421,000 during the January-March period of 2024.

Source: Business Post