Abu Dhabi – Mubasher: Ras Al Khaimah Ceramics (RAK Ceramics) is planning to invest over AED 300 million ($81.69 million) through acquisitions and expansion in 2018, a top official has said.

We expect our profits to remain stable by the end of the year as we continue to reduce our costs and exit non-core businesses, Al Bayan newspaper reported, citing CEO Abdullah Massaad as saying.

The Abu Dhabi-listed ceramics manufacturer will focus on its main markets, namely the UAE, India, and Bangladesh in the coming period, he added.

RAK Ceramics is also conducting a number of studies for possible investments or acquisitions with the purpose of expansion and growth, Massaad revealed.

We have also recently received an approval for RAK Porcelain business from a US partner, which will help boost our business in the US and Canada, the CEO said.

As for RAK Ceramics’ other business, Massaad said that his company may consider listing its businesses in other bourses when the time is right, highlighting that the ceramics firm was hoping to list its stocks in India.

Earlier this month, RAK Ceramics logged AED 57.9 million in profits in the first six months of 2018, down 35% year-on-year from AED 156.8 million.