RAK Ceramics’ profit shrinks over gas crisis
Country's leading tiles manufacturer RAK Ceramics' net profit shrinks over 26% in 2022 due to production hampered by gas crisis.
The company said in its financial statement, sales revenue rose by 9% to Tk745.34 crore in 2022 but net profit decreased by 26% to Tk67.15 crore.
The UAE based multinational company stated that increase in gas price, significant volatile of foreign currency market, disruption of global supply chain caused increase of all input raw material price and shipping freight.
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In addition, disruption of production due to inadequate pressure of supplied gas from mid-August last year and sometimes no gas resulted in an increase of production cost compared to previous year. Therefore, gross margin has reduced from 30% to 26% and sales volume is not achieved as expected in 2022 due to the shortage of production.
Meanwhile, the company declared a 10% cash dividend to its shareholders for the last year.
To approve the dividend and the audited financial report, it will conduct the annual general meeting on 30 March this year and the record date is 16 February.
