Ras Al Khaimah firm sees boom in construction profits

23/04/2010 -
Ras Al Khaimah firm sees boom in construction profits
Posted by Neil King

Ras Al Khaimah-based RAK Ceramics, the world's largest ceramic tile manufacturer, recorded an impressive 20.2 per cent net profit increase in 2009 thanks to growing construction and investment projects.

A total sales surge to Dh3.77 billion from Dh3.23 billion in 2008 contributed to the profit growth, the Khaleej Times reported.

The results were announced at RAK Ceramics' general assembly meeting, where a ten per cent bonus share issue to shareholders was approved.

Chief executive officer Khater Massaad said 2009 had been a milestone year for the company despite the prevailing global economic conditions.

"Last year, RAK Ceramics was able to leverage its export relationships in over 135 countries in its core ceramic markets and continued to foster growth of investments made in related businesses," said Dr Massaad.

Meanwhile, the latest GCC Investor Sentiment Index by the investment bank SHUAA Capital recorded a massive gain of 15.2 points, which was almost entirely driven by a growth in positive investor sentiment towards the UAE.
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