Abu Dhabi – Mubasher: Ras Al Khaimah Ceramics (RAK Ceramics) on Monday reported a sharp rise of 75.6% in net profits for the first nine months of 2017 to AED 262.34 million from AED 149.40 million in the year-ago period.

The company recorded an 11.5% decline in the administrative expenses in the first three quarters of 2017, while revenues surged 52.4% to AED 56.83 million in the same period, according to a filing to the Abu Dhabi Securities Exchange (ADX).

RAK Ceramics made AED 57.9 million in net profits in the period from January to September through selling a company it was investing in, in addition to AED 3.8 million in profits from selling a subsidiary, the company’s data showed.

As for the quarterly results, RAK Ceramic’s net profits during the third quarter of 2017 more than tripled, surging 364.5% to AED 84.68 million ($23.05 million) in comparison with net profits of AED 18.23 million ($4.96 million) in Q3-16.

Sales increased by 9.2% to AED 705.24 million from July to September, compared to AED 645.38 million in the comparative period of 2016, according tothe company's statement.

In the three-month period ended 30 September, revenues soared 76.12% to AED 14.71 million, while administrative expenses dropped 22.3% to AED 50.5 million.