RAK Ceramics Company, which is listed on the Abu Dhabi Securities Exchange, achieved a 102.5% growth in net profit to reach AED 298.1 million by the end of 2021, in light of the high Revenue and gross profit margins.
According to Arabiya Net, the company reported that its total revenues increased by 21.8% to reach 2.86 billion dirhams, and its total EBITDA increased by 21%. 32.7% to reach 501.3 million dirhams during the fiscal year 2021 compared to the fiscal year 2020.
The company's board of directors approved an amendment to the dividend policy, which stipulates the new policy for a minimum dividend of 20 fils per year for fiscal year 2022 to be paid on a semi-annual basis. It also stipulates the obligation to pay a minimum dividend of 60 fils over the three years up to 2024.
The adjusted dividend policy will be subject to factors such as business expectations, capital requirements for growth opportunities, expansion plans, optimal leverage levels, good cash reserves as well as regulatory approvals. The revised dividend policy will be submitted to the company's shareholders for approval at the next general assembly meeting.
The board recommends to the company's shareholders to approve the distribution of dividends for the year 2021 at 20 fils per share, of which 10 fils per share were paid in October 2021 as semi-annual dividends.
