Abu Dhabi-listed RAK Ceramics, one of the world’s biggest tile makers, is taking over RAK Porcelain, according to a disclosure on Monday.
The company has completed the acquisition of 100% of share capital of RAK Porcelain, making it a wholly owned subsidiary, it said in a filing with the Abu Dhabi Securities Exchange (ADX) on Monday.
“This strategic move aligns with RAK Ceramics’ ongoing commitment to focus, invest and grow its core business segments while strategically exiting non-core activities,” the company said.
The tile maker posted a net profit of AED 62.9 million ($17.12 million) for the first quarter of 2024, registering a decline of 21.5% from a year earlier.
Group revenue also fell by 11.4% to AED 781.6 million, owing to ongoing geopolitical challenges and market conditions in core markets except the UAE.
Source: tradingview.com
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