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The Financial Express

RAK Ceramic's sales dip 32.5pc in H1

Fallout of Covid-19


| Updated: July 24, 2020 10:37:01


RAK Ceramic's sales dip 32.5pc in H1

RAK Ceramic's total sales plunged 32.5 per cent in January-June, 2020 compared to the same period of the previous year due to lower sales amid ongoing pandemic.

The board of directors of the company in a virtual meeting through digital platform on Tuesday approved the un-audited financial statements of the company for the second quarter ended on June 30, 2020.

The company's total sales for the January-June, 2020 stood at Tk 1.97 billion as against Tk 2.92 billion in the same period last year, according to a disclosure posted on the Dhaka Stock Exchange website on Wednesday.

The net profit or loss after tax of RAK Ceramics (Bangladesh) was Tk 36.77 million in negative in January-June, 2020 compared to the same period of the previous year.

"Due to Covid-19 pandemic, there was country-wide lockdown in Bangladesh since March 26 which caused closure of outlets or stores of company's dealers, suspension of production in the factory, disruption of supply chain, causing reduction of sales," the company said in the disclosure.

The company's consolidated earnings per share (EPS) stood at Tk 0.44in negative for April-June 2020 as the company incurred losses Tk 188.46 million in April-June, 2020 period amid the Covid-19 havoc.

In six months for January-June, 2020, the consolidated EPS was Tk0.09 in negative which was Tk 0.80 for January-June 2019.

The consolidated net operating cash flow per share (NOCFPS) was negative Tk0.57 for January-June 2020 as against Tk 0.53 for January-June 2019.

The consolidated net asset value (NAV) per share was Tk 15.60 as on June 30, 2020 and Tk 16.20 as on June 30, 2019.

Listed in 2010, each share of the RAK Ceramics closed at Tk 26 on Wednesday on the Dhaka bourse.

Its share traded between Tk 22.50 and Tk 36 in the last one year.

The company's paid-up capital is Tk 4.27 billion, authorised capital is Tk 6.0 billion and the total number of securities is 427.96 million.

Sponsor-directors own 72.08 per cent stake in the company while institutional investors 15.65 per cent and general public 12.27 per cent as on June 30, 2020, the DSE data showed.

RAK Ceramics (Bangladesh) is a UAE-Bangladesh joint venture project. Incorporated in Bangladesh in 1998, RAK Ceramics is the country's largest tiles and sanitary ware brand.

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