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RAS AL KHAIMAH / WAM
RAK Ceramics announced its results for the third quarter ended on September 30. Core revenues increased 14.1 percent year-on-year (YoY) to AED643.6 million, driven
by strong growth in the
UAE, Saudi Arabia, India
and Bangladesh.
Total revenue grew to AED705.2 million, an increase of 9.2 percent compared to Q3 2016. Core revenue contribution represented an all-time high of 92 percent of total revenues as a result of the continued implementation on its value creation plan. Non-core revenue declined by 24 percent YoY which is in-line with the
company’s strategy to divest non-core operations.
Reported net profit grew to AED84.7 million, which represents a strong increase of 365 percent YoY and a net profit margin of 12.0 percent. For first 9 months in 2017, reported net profit reached AED262.3 million, an increase of 76% compared to the same period last year.
Like for like net profit
(excluding extraordinary net gain and provisions) grew
to AED87.0million, an increase of 117 percent YoY and 2.2 percent QoQ.