RAK Ceramics Profit Rises as Company Hires Barclays for Strategy - Bloomberg

RAK Ceramics Profit Rises as Company Hires Barclays for Strategy - Bloomberg:



"RAK Ceramics, (RAKCEC) the world’s largest maker of ceramic tiles, posted the biggest jump in full-year profit since 2009 on production efficiencies at its factories.



Net income rose 21 percent to 272 million dirhams ($74 million) from 224 million dirhams in 2012, the Ras al Khaimah, United Arab Emirates-based company said in an e-mailed press release. Total revenue rose 11 percent to 3.52 billion dirhams.



“We had improvements in efficiencies in our plants worldwide, and together with rising prices, we saw an increase of profits across our operations,” Chief Executive Officer Abdallah Massaad said in a phone interview yesterday. “The board is proposing a 25 percent cash dividend for 2013.”



The company said last week it hired Barclays Plc and BNP Paribas SA to explore “a range of strategic alternatives and transactions” after Bloomberg reported earlier this month that the banks are advising Ras Al Khaimah’s ruling family on the sale of a 25 percent to 50 percent stake. Massaad said the company hasn’t been informed of any “transfer of ownership.”"



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