Abu Dhabi – Mubasher: Ras Al Khaimah Ceramics (RAK Ceramics) on Tuesday announced that it has acquired the minority stakes in its joint ventures in Saudi Arabia.

The UAE-based ceramics manufacturer said that owning the entire stakes in the JVs, which are located in Riyadh and Jeddah, enables the company to boost its presence in of its key markets, RAK Ceramics said in a statement to the Abu Dhabi Securities Exchange (ADX).

This acquisition, whose value wasn't revealed, followed a number of takeovers by RAK Ceramics in Europe, India, and Australia. 

Abdullah Massaad, the CEO of RAK Ceramics, previously said the company would invest as much as AED 300 million ($81.69 million) in acquisitions and expansion plan in 2018.

He expected the company’s profit to remain stable by the end of this year on the back of pushing ahead with slashing costs and exiting non-core businesses.

The Abu Dhabi-listed firm would focus on its main markets over the coming period, namely the UAE, India, and Bangladesh, Massaad added.

During the first half of 2018, RAK Ceramics reported a 35% year-on-year profit decline, recording AED 100.8 million from AED 156.8 million.

The company has gained around AED 57.9 million in H1-18 after disposing its entire 50% equity interest in RAK Warehouse Leasing LLC.