Abu Dhabi – Mubasher: Ras Al Khaimah Ceramics (RAK Ceramics) has achieved AED 14.1 million net profits attributable to the owners of the company in the first half (H1) of 2020, down from AED 90.17 million in the same half of the previous year.

The company's revenues dropped to AED 1 billion in the January-June period in 2020 from AED 1.3 billion in the same period of 2019, according to the company's consolidated interim financial results for the period ended on 30 June 2020.

The earnings per share (EPS) stood at AED 0.01 in H1-20, compared to AED 0.09 in H1-19.

In the second quarter (Q2) of 2020, the company saw net losses of AED 11.6 million, against AED 61.2 million in the corresponding quarter of 2019.

The Group CEO,  Abdallah Massaad, said: "Q2 2020 was a difficult period as our business is closely linked to the construction, hospitality and airline industries, which were severely impacted by lockdowns in all our major markets."

Massaad further remarked: "However, in June, we began to see signs of recovery in revenue as borders opened and economies restarted."

It is noteworthy to mention that in the first quarter (Q1) of 2020, the company's net profits declined by 11.4% to AED 25.96 million from AED 29.01 million in the same period of 2019.