Ras Al Khaimah Ceramics, one of the world’s top five makers of ceramic tiles, said first-quarter profit rose 2 per cent as expenses declined. The company said it will focus on operational efficiency during the rest of the year.
The Abu Dhabi-listed manufacturer's net profit attributable to the owners of the company rose to Dh56 million in the first three months of the year ending March 31 compared with the same period a year earlier, according to a regulatory filing on Thursday with the Abu Dhabi Securities Exchange, where its shares are traded. Total sales fell 2.8 per cent to Dh 661.8 million after it halted its rough grading business.
“Our first quarter performance was stable and in line with expectations despite an increase in our energy costs, which we were able to offset through improvements in our operational efficiencies,” said Abdallah Massaad, Group CEO, RAK Ceramics.
The company earlier said performance this year may be impacted by increased competition, oil price volatility, and geopolitical headwinds. In November RAK Ceramics said it was planning to expand its business by nearly two thirds in India where it sees potential for growth in the wake of increased spending on infrastructure.
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Looking forward, the company said economies of all its core markets are growing and higher infrastructure spending in Saudi Arabia and the UAE, the two largest economies in the Arab world, bodes well for its performance throughout 2018.
Key markets in the UAE, India and Bangladesh “remain strong”, the company said. UAE tile revenues were up 19 per cent and India tile sales grew 15.9 per cent following a joint venture set up in the country late last year. Bangladesh tile sales rose 3.9 per cent year on year.
“Looking ahead for the rest of the year, we remain focused on creating further operational efficiencies and progressing with our value creation plan,” Mr Massaad said.
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Killing of Qassem Suleimani
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Results
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Winner AF Al Baher, Tadhg O’Shea (jockey), Ernst Oertel (trainer).
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3pm Handicap (TB) Dh80,000 1,400m
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Winner Amani Pico, Tadhg O’Shea, Satish Seemar
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
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UAE currency: the story behind the money in your pockets
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
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