RAK Ceramics set to launch plant in Saudi Arabia
RAK Ceramics, which is listed on the Abu Dhabi stock market, is awaiting gas supplies to launch its first production unit in Saudi Arabia as part of an ambitious expansion plan, the Company's CEO said on Thursday.
'The Saudi market is a promising one…the company will transition from distribution to both production and distribution in Saudi Arabia by establishing a factory there, which is awaiting gas supplies,' Massad said.
He said production in the four sectors in which the company operates is growing, with the total capacity of the ceramic factories reaching 118 million square metres, which makes the company among the top 5 ceramics producers in the world.
As for the Company's performance, he said profits were affected in the first quarter due to the significant increase in shipping prices, noting that the current situation is improving, which will positively impact profits in the coming period.
He noted that debt-to-EBITDA ratio stands at below 2.5 times, which is comfortable for the company. He revealed that there are facilities from banks and cash flows from operations that support expansion plans.
Masada said there was growth in operations in the UAE and Saudi Arabia in the first quarter and the Gulf remains the Company's largest market, followed by Europe.
In 2022, RAK Ceramics said it has signed an agreement with Saudi authorities to build a plant in the Western Yanbu industrial zone at a cost of 500 million UAE dirhams ($136 million).
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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