Abu Dhabi – Mubasher: Ras Al Khaimah Ceramics (RAK Ceramics), listed on the Abu Dhabi Securities Exchange (ADX), logged a 7.2% year-on-year decline in net profit to AED 155.8 million during the first nine-month of 2019 with a margin of 8.1%.

Earnings before interest, tax, depreciation, and amortization (EBITDA) went up by 6.9% on an annual basis to AED 348.5 million during the period from January to September 2019, the bank disclosed on Wednesday.

Moreover, total revenues retreated by 6.2% annually to AED 1.92 billion over the nine months of the same year, while dropping by 2.8% year-on-year on a constant currency basis.  

“Our performance has been in line with expectations amid challenging market conditions. Excess supply of ceramics globally has put pressure on prices and has created a competitive environment,” said the group’s CEO, Abdallah Massaad.

“Given these challenges, we are investing in sales and marketing while maintaining our brand image and differentiated product portfolio. We are also focused on optimizing production and increasing operational efficiencies by leveraging automation and process enhancements thereby improving margins,” he concluded.  

Over the first half of 2019, the firm achieved an 8.5% year-on-year drop in net profit at AED 110.3 million.