RAK Ceramics Reports Q3 2024 Results Amid Challenging Market Conditions

UAE: RAK Ceramics reported a year-on-year decline in total revenue by 4.1% for Q3 2024 and 8.9% for the nine-month period, primarily due to geopolitical challenges, supply chain disruptions, and weaker demand in most markets outside the UAE. Gross profit margins increased due to changes in product mix, while EBITDA and net profit declined amid rising costs and reduced demand across several segments. Tiles and sanitaryware divisions recorded mixed performance, with growth in the UAE offset by declines in regions such as Europe, India, and Bangladesh due to economic and political instability, transportation costs, and inflationary pressures. 

The company highlighted ongoing investments in production facilities in the UAE and Saudi Arabia, aiming to enhance operational efficiencies and reduce carbon emissions. The strategic focus remains on expanding the product range, maintaining market share, and optimising operations amid continued headwinds from inflation, local competition, and geopolitical tensions impacting key markets globally. 

Source: Zawya