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RAK Ceramics swung to a profit in 2021 after revenues surged by more than 20 percent, according to a bourse filing on Monday.
The UAE-based ceramics maker made a net profit attributable to owners of 246.47 million dirhams ($67.1 million) for the year ended December 31, 2021, compared to a loss of 129.72 million dirhams a year earlier, the company told the Abu Dhabi Securities Exchange (ADX).
Revenue for the full year reached 2.86 billion dirhams, surging by 21.7 percent from 2.349 billion dirhams in the 12 months prior.
The company, which has an annual turnover of about $1 billion, is one of the world’s top makers of ceramic tiles.
It produces around 123 million square metres of tiles every year through its facilities in the UAE, India and Bangladesh.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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