RAK Ceramics posts 27% lower profits in 2024; dividends for H2-24 proposed
Abu Dhabi: RAK Ceramics logged net profits valued at AED 234.08 million in 2024, down 27% year-on-year (YoY) from AED 320.85 million.
The revenues stood at AED 3.23 billion as of 31 December 2024, an annual drop of 6.50% from AED 3.45 billion, according to the financial results.
Basic and diluted earnings per share (EPS) plunged to AED 0.22 last year from AED 0.29 in 2023.
The company attributed the decline to global macroeconomic factors, including ongoing geopolitical tensions, inflationary pressures, and supply chain disruptions.
Financials for Q4
In the fourth quarter (Q4) of 2024, the company's revenues went up by 0.50% to AED 870.90 million from AED 866.40 million in Q4-23.
Net profits dropped by 21.50% to AED 64.20 million in Q4-24 from AED 81.80 million a year earlier.
Quarterly, the net profits generated in Q4-24 jumped by 14.80% from AED 55.90 million in Q3-24, while the revenues increased by 8.50% from AED 802.50 million.
Abdallah Massaad, Group CEO of RAK Ceramics, said: 'In Q4, we faced a complex macroeconomic landscape, characterized by geopolitical uncertainties, inflationary pressures, and shifting consumer demand. This was compounded by currency fluctuations and supply chain constraints, which knocked our top-line performance and profitability.'
'Looking ahead, our strategic priorities centre on protecting our market share, optimising operations, further diversifying our offering, accelerating digitalisation, and expanding our production capabilities,' Massaad added.
The CEO noted: 'By leveraging technology and targeted investments, we aim to enhance resilience and create long-term value for our investors and customers.'
Additionally, the board proposed a dividend distribution of 10 fils per share, equivalent to AED 99.40 million, for the second half (H2) of 2024.
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