It announced a 30-day halt in production over maintenance work on its power plant
The United Arab Emirates-based multinational company, RAK Ceramics (Bangladesh) Limited, resumed production in full swing on 23 January (Saturday) after a 30-day suspension.
On 20 December last year, the company announced a partial suspension of production for 30 days over maintenance work on its power plant.
The ceramic manufacturer has four tiles plants in the country with an annual production capacity of 12.30 crore square metres. Besides, it has a sanitary ware line with an annual production capacity of 50 lakh pieces.
A senior official of the company said two of the four tiles making units remained completely shut during maintenance.
Due to the pandemic-led 66-day countrywide shutdown, RAK's revenue went down by 66% to Tk50 crore in the second quarter of 2020 compared to the previous quarter of the same year. The company also posted losses of Tk19 crore in that quarter.
However, it managed to recover as the shutdown ended, thanks to the resumption of countrywide construction projects.
In the third quarter last year, the company posted a revenue of Tk144 crore and a net profit of Tk8.92 crore.
It gave a 15% cash dividend to its shareholders in 2019 – the lowest since it got listed on the country's premier bourse in 2010.
The closing price of RAK shares was Tk27.30 each at the Dhaka Stock Exchange (DSE) on Sunday. Last year, RAK shares rose to their highest price of Tk35.60 each.
RAK Ceramics PJSC, UAE holds 68.13% of the company's total shares.