Jaime Puebla/The National
Profits at RAK Ceramics, parent of RAK Porcelain, more than doubled in the third quarter after the world’s biggest maker of ceramics tiles shifted its strategy over its Chinese affiliate and paid down debt, its chief executive said.
“Last year we had losses in our operations in China, whereas this year it turned into a profit,” said Abdallah Massaad, the chief executive at RAK Ceramics told the UAE’s THE NATIONAL. “There’s a lot of competition and we had higher energy costs. This year we shifted to LNG (liquid natural gas), invested in new technology and changed the product mix. In the past we were selling wall tiles mostly; this year we changed to porcelain floor tiles.”
