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Abu Dhabi – RAK Ceramics plans to expand its investments in Saudi Arabia on the back of the kingdom’s lower energy prices compared to other countries in the region, the company’s CEO said.
RAK Ceramics is to announce further details on the Saudi investment and its value after completing its establishment, Abdullah Mosad told Mubasher.
He added that the firm will step up efforts to boost its footprint in the kingdom in view of its growing construction projects and the attractive cost advantages for manufacturing due to competitive energy costs.
RAK Ceramics also looks to invest in a state-of-the-art production facility that utilises the cutting-edge technology in ceramics manufacturing, the maker of floor tiles said in a statement.
In the first phase, the company will initially add approximately 10 million square metres per annum to RAK Ceramics’ tile total production capacity.
Mosad noted that RAK Ceramics will also focus on raising its production in its businesses in India and Europe.
It is worth noting that the company’s profits fell 28.6% year-on-year in the full-year 2018, registering AED 225.09 million.
The company’s board recommended distributing cash dividends worth 15 fils per share.
By 01:15 pm UAE time, RAK Ceramics’ stock rose 3.17% at AED 1.95.
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