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  • UAE Flag
    FIRST LOOK NOTES
    25 Feb 2025
    RAK Ceramics
    BUY
    AED 2.54
    AED 3.45
    +35.83%

    UAE Equity Research - RAK Ceramics (RAKCEC) 4Q24 - First Look Note

    Net debt declined from AED 1.56 Bn in 3Q24 to AED 1.39 Bn in 4Q24, while net debt to EBITDA ratio declined from 2.61x in 3Q24 to 2.35x in 4Q24. RAKCEC's working capital declined from AED 1.53 Bn in 3Q24 to AED 1.43 Bn in 4Q24.
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  • UAE Flag
    FIRST LOOK NOTES
    26 Nov 2024
    RAK Ceramics
    BUY
    AED 2.45
    AED 3.55
    +44.90%

    UAE Equity Research - RAK Ceramics (RAKCEC) 3Q24 - First Look Note

    Revenue fell 4.1% YOY to AED 803 Mn in 3Q24 due to ongoing geopolitical tension, market volatility, higher interest rates, political unrest in Bangladesh and currency devaluation. Gross margins grew 247 bps YOY to 41.2% in 3Q24 due to favorable product mix.
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  • UAE Flag
    FIRST LOOK NOTES
    12 Oct 2024
    RAK Ceramics
    BUY
    AED 2.40
    AED 3.80
    +58.33%

    Rising geopolitical tensions and lower sales volumes impact profitability

    Gross margins grew 113 bps YOY to 39.6% in 2Q24.
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  • UAE Flag
    FIRST LOOK NOTES
    21 May 2024
    RAK Ceramics
    BUY
    AED 2.52
    AED 3.80
    +50.79%

    Growth in margins despite challenging macroeconomic conditions

    Gross and EBITDA margins grew 68 bps YOY and 151 bps YOY to 39.3% and 19.3% respectively in 1Q24.
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  • UAE Flag
    FIRST LOOK NOTES
    13 Feb 2024
    RAK Ceramics
    BUY
    AED 2.71
    AED 3.80
    +40.22%

    Steady profitability despite challenging macroeconomic conditions

    RAKCEC capex increased 33.4% to AED 273.4 Mn in 2023. While the 2024 capex guidance of the Company stood at AED 300-350 Mn
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  • UAE Flag
    FIRST LOOK NOTES
    20 Nov 2023
    RAK Ceramics
    BUY
    AED 2.46
    AED 3.80
    +54.47%

    Lower revenue negates margin improvement weighed on bottom-line

    RAKCEC revenue declined 7.7% YOY to AED 837 Mn in 3Q23 amid volatile market conditions across all core markets except UAE led by rising interest rates and currency devaluation
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  • UAE Flag
    FIRST LOOK NOTES
    18 Aug 2023
    RAK Ceramics
    BUY
    AED 2.55
    AED 3.80
    +49.02%

    Challenges across all core markets except UAE impacted profitability

    RAKCEC revenue declined 5.9% YOY to AED 872 Mn in 2Q23 amid volatile market conditions across all core markets except UAE, led by record interest rates and currency devaluation.
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  • UAE Flag
    FIRST LOOK NOTES
    22 May 2023
    RAK Ceramics
    BUY
    AED 2.61
    AED 3.80
    +45.59%

    Solid expansion strategy to boost profitability

    RAK Ceramics PJSC (RAKCEC/"The Company") reported a 29.7% YOY growth in net profit to AED 73 Mn in 1Q23, higher than our estimate of AED 53 Mn. The rise in net profit is mainly attributable to a healthy growth in revenue partially offset by an increase in di rect cost, rise in operating expenses, and higher finance cost.
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  • UAE Flag
    FIRST LOOK NOTES
    02 Mar 2023
    RAK Ceramics
    BUY
    AED 2.90
    AED 3.80
    +31.03%

    Strong top-line growth weighed by higher input prices

    RAK Ceramics PJSC (RAKCEC/"The Company") reported 21.6% YOY growth in net profit to AED 68 Mn in 4Q22, lower than our estimate of AED 104 Mn. This increase in net profit is mainly attributable to strong growth in revenue, other operating income and tax reversal partially offset by an increase in operating expenses and higher fi nance costs.
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