RAK Ceramics 'producing at full capacity in UAE'

07/09/2010 - Ras Al Khaimah Property News
RAK Ceramics 'producing at full capacity in UAE'
Posted by Neil King

Ras Al Khaimah-based RAK Ceramics, the world's biggest maker of ceramic tiles, has confirmed that it is continuing to grow in the region and is looking to expand elsewhere.

In a telephone interview with Bloomberg, chief executive officer Khater Massaad said: "There is no major slowdown for us in the UAE. We are fully booked and producing at full capacity."

Mr Massaad also confirmed that with annual sales of more than $1 billion, RAK Ceramics may now look to expand in India and raise about $50 million through a share sale of its South Asian unit to build a new plant in the country.

The company revealed last month that its first-half profit rose almost two per cent to $40 million.

Commenting, Yazan Abdeen of ING Investment Management (Dubai) told Bloomberg that stock in RAK Ceramics still offers good value.

"They are deleveraging and increasing their profitability and they are unlocking value in their subsidiaries by listing them in other countries," said the market specialist. "It is a true treasure chest."
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