RAK Ceramics, one of the world’s biggest producers of ceramic products, reported about 23 per cent jump in its full-year 2022 net profit as revenue rose despite rising global economic challenges.
Net profit attributable to the owners of the company for the 12 months to the end of December rose to Dh302.8 million ($82.5 million), up from Dh246.5 million recorded at the end of 2021, the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue for the reporting period also climbed by almost 23 per cent on an annual basis to Dh3.52 billion, the highest since 2009.
Robust growth in the company's core business as well as acquisitions and the consolidation of stakes in subsidiaries drove revenue higher.
“Despite the challenging economic environment marked by high inflation and persistent energy crisis, the company has managed to achieve remarkable results,” RAK Ceramics said in the statement.
“This is a testament to our unwavering commitment to delivering value to our stakeholders.”
Ceramics manufacturers globally are facing headwinds as supply chain challenges remain amid shortages of raw material and high energy prices. Currency volatility and inflation have hit customers amid a decelerating global economy.
However, the UAE, RAK Ceramics' core market, has bucked the global trend. Inflation in the Arab world’s second-largest economy remains relatively low as it continues to bounce back from the pandemic-driven slowdown.
The company said total assets climbed 6.3 per cent year-on-year to Dh5.42 billion as it makes progress on expansion projects in the UAE across all lines of its businesses, as well as on multiple greenfield projects in Bangladesh.
RAK Ceramics also completed its core businesses consolidation exercise after increasing its stake in RAK Porcelain to 92 per cent following a series of minority acquisitions. RAK Porcelain also acquired the final 9 per cent minority stake in its European subsidiary to fully consolidate its shareholding.
The company is solidifying its position and is “committed to leveraging on synergies to strengthen operations across all core businesses”, it said.
The company will continue to look for new acquisitions and it remains bullish about growth in the UAE and Saudi Arabia, group chief executive of RAK Ceramics Abdallah Massaad told The National in November.
“It is a good moment for us as we are doing well and we are looking to expand organically and inorganically,” he said after the company reported a 61 per cent rise in its third-quarter net income.
Founded in 1989, RAK Ceramics serves clients in more than 150 countries through its network of operational hubs in Europe, the Middle East and North Africa, Asia, North and South America, and Australia.
The company has the capacity to produce 118 million square metres of tiles, five million pieces of sanitaryware, 24 million pieces of porcelain tableware and 2.5 million pieces of faucets per year at its manufacturing plants in the UAE, India, Bangladesh and Europe.
The company said revenue from the UAE market increased almost 20 per cent annually, driven by "solid market fundamentals in 2022".
Revenue from Saudi Arabia, meanwhile, rose 9 per cent on annual basis as the company continues to expand its retail footprint in the country. In the Middle East, excluding the UAE and Saudi Arabia, it was up 22.2 per cent.
In India, revenue grew by about 3 per cent but it declined by 1.2 per cent on an annual basis in Bangladesh during the reporting period.
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
CHATGPT%20ENTERPRISE%20FEATURES
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Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Killing of Qassem Suleimani
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
RESULTS
6pm: Mazrat Al Ruwayah – Group 2 (PA) $40,000 (Dirt) 1,600m
Winner: AF Alajaj, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
6.35pm: Race of Future – Handicap (TB) $80,000 (Turf) 2,410m
Winner: Global Storm, William Buick, Charlie Appleby
7.10pm: UAE 2000 Guineas – Group 3 (TB) $150,000 (D) 1,600m
Winner: Azure Coast, Antonio Fresu, Pavel Vashchenko
7.45pm: Business Bay Challenge – Listed (TB) $100,000 (T) 1,400m
Winner: Storm Damage, Patrick Cosgrave, Saeed bin Suroor
20.20pm: Curlin Stakes – Listed (TB) $100,000 (D) 2,000m
Winner: Appreciated, Fernando Jara, Doug O’Neill
8.55pm: Singspiel Stakes – Group 2 (TB) $180,000 (T) 1,800m
Winner: Lord Glitters, Daniel Tudhope, David O'Meara
9.30pm: Al Shindagha Sprint – Group 3 (TB) $150,000 (D) 1,200m
Winner: Meraas, Antonio Fresu, Musabah Al Muhairi
Killing of Qassem Suleimani
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Pathaan
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Gulf rugby
Who’s won what so far in 2018/19
Western Clubs Champions League: Bahrain
Dubai Rugby Sevens: Dubai Hurricanes
West Asia Premiership: Bahrain
What’s left
UAE Conference
March 22, play-offs:
Dubai Hurricanes II v Al Ain Amblers, Jebel Ali Dragons II v Dubai Tigers
March 29, final
UAE Premiership
March 22, play-offs:
Dubai Exiles v Jebel Ali Dragons, Abu Dhabi Harlequins v Dubai Hurricanes
March 29, final
Virtuzone GCC Sixes
Date and venue Friday and Saturday, ICC Academy, Dubai Sports City
Time Matches start at 9am
Groups
A Blighty Ducks, Darjeeling Colts, Darjeeling Social, Dubai Wombats; B Darjeeling Veterans, Kuwait Casuals, Loose Cannons, Savannah Lions; C Awali Taverners, Darjeeling, Dromedary, Darjeeling Good Eggs
Lampedusa: Gateway to Europe
Pietro Bartolo and Lidia Tilotta
Quercus
The years Ramadan fell in May
The specs
Engine: 2.4-litre 4-cylinder
Transmission: CVT auto
Power: 181bhp
Torque: 244Nm
Price: Dh122,900
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The biog
Profession: Senior sports presenter and producer
Marital status: Single
Favourite book: Al Nabi by Jibran Khalil Jibran
Favourite food: Italian and Lebanese food
Favourite football player: Cristiano Ronaldo
Languages: Arabic, French, English, Portuguese and some Spanish
Website: www.liliane-tannoury.com
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THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
EA Sports FC 25
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5
