RAK Ceramics, an international ceramics lifestyle solutions provider, announced today its financial results for the year ended 31 December 2022. RAK Ceramics reported record-high full-year performance for 2022 with a total revenue increase of 22.9% to AED 3.52 billion and reported net profit increase of 19.8% to AED340.1 million when compared to 2021.

Commenting on the results, Abdallah Massaad, Group CEO, RAK Ceramics said: “I am delighted to share our company’s performance for the year 2022. Notwithstanding the current macroeconomic conditions marked by high inflation and persistent energy crisis, we have managed to achieve remarkable results. Our total revenue increased by 22.9% YoY, reaching the highest level since 2009, driven by robust core business growth in Tiles, Sanitaryware, and Tableware in addition to growth in faucets on the back of KLUDI consolidation. This is a testament to our unwavering commitment to delivering value to our stakeholders.

“Despite the challenging economic environment, we have managed to maintain our gross profit margin level, mainly due to our improved production efficiencies and optimized utilization in 2022. Growth was hindered by further costs associated with Saudi Custom Duty, higher input costs and energy challenges; nonetheless, we are working hard to overcome these challenges and are already seeing hints of correction in some instances.

Operationally, we continued to progress in our expansionary projects in the UAE across all lines of business and advance on multiple greenfield fronts, including in Bangladesh and in Saudi Arabia.

“Strategically, we finalized our core businesses consolidation exercise: Our value creation plan for KLUDI is well underway, and we are closely monitoring its progress; additionally, we have reached 92% stake in RAK Porcelain following a series of minority acquisitions launched in 2022. We solidified our group position and we are committed to leveraging on synergies to strengthen operations across all core businesses.

“Today, as we close the chapter for 2022, we are humbly proud of our achieved progress and growth and remain steadfast in our commitment to delivering value to our stakeholders. We are monitoring the economic environment closely and remain focused on executing our growth strategy.”