Fall in sales cuts RAK Ceramics' profit

Profits of RAK Ceramics (Bangladesh) dropped in first nine months of 2023 mainly due to lower sales.

The only ceramic producer multinational company's profits fell 25 percent year-on-year to Tk 40.8 crore in the January to September period of the current year. Its year ends in December.

Subsequently, earnings per share of the company stood at Tk 0.96 at the end of the third quarter, which was Tk 1.29 at the end of the same quarter in 2022.

The company's sales fell to Tk 560 crore this year, which was Tk 568 crore in the same period of the previous year, according to the company's financial statements.

RAK Ceramics is one of the largest ceramics brands in the country, specialising in ceramic and porcelain wall and floor tiles, tableware, sanitary ware and faucets.

Though the sales dropped, its costs of sales rose, meaning the raw material costs rose in the period.

The costs of sales was Tk 420 crore in the recently ended quarters, which was Tk 411 crore in the previous year's third quarter.

Its net finance cost reduced to Tk 2.1 crore from previous year's Tk 5.8 crore, the data showed.

The company's share price is Tk 42.9. The A grade stock was listed with the Dhaka Stock Exchange in 2010.