RAK Ceramics saw its second quarter earnings fall by almost a quarter amid a slowdown in construction activity in the Gulf.
The UAE manufacturer reported a net profit of AED65.3mn ($17.7mn) for the three months to 30 June, down 24.1 percent on the same period of last year.
Revenue during the quarter fell by 5.9 percent to AED757mn, RAK said in a financial statement.
During the period, RAK Ceramics said it performed a series of restructuring activities across Asia and Europe.
In India, a new CEO was appointed and over the coming months will be building a team to strengthen Indian operations.
Integrating its European distribution alongside continued expansions in Bangladesh and the UAE were among the other initiatives in the quarter.
Abdallah Massaad, RAK Ceramics’ Group CEO, said: “We are focused as a group to strengthen the company’s global presence by carrying out strategic global initiatives despite the ongoing challenges in our region. There are a number of encouraging signs that will support RAK Ceramics’ growth and we have an ambitious plan for the group’s future development.”