RAK Ceramics achieved a pre-pandemic profit rise in the third quarter of last year, surpassing 2019 levels in the fourth quarter.
According to Arabiya Net, CEO of the company Abdullah Massad said that the company was able to exceed the levels of 2019 in the fourth quarter after the company's profits grew in the fourth quarter of last year. By 5% compared to the year before last, indicating that it is the best quarterly level for the company in 3 years.
He explained that the company, which represents the ceramic industry by 70%, was able to increase its liquidity by 200 million dirhams, which made the board of directors suggest a cash dividend of 7.5% .
On the export level, he said that the company's exports increased well, explaining that the company achieved a 57% increase in its sales in Saudi Arabia.
and on the impact of the current closure on the company's performance, Massad said that the company has positive expectations, especially since the current shutdown in some countries of the world differs from what was happening last year. . He continued: We expect a good start in 2021.
The company incurred losses of 126 million dirhams last year as a result of the decrease in revenues, the registration of allocations and the write-off of assets due to the Corona crisis.
In this context, the company wrote off 213 million dirhams from the value of its assets, and also took allocations of 23 million dirhams.
and revenues during that period amounted to 2.35 billion dirhams, which is 8.7% less than 2019.
the company attributed the retreat mainly for the second quarter of the year due to the strict closures that took place in all countries in which it is present.
It is worth noting that in Saudi Arabia, RAK Ceramics' revenues grew by 58% last year due to strong demand for its products.
On the other hand, the company's board of directors proposed to distribute 7.5 fils per share for the year 2020.
