The UAE’s Ras al Khaimah Ceramics expects 10 percent profit growth this year as it boosts its market share and is seeking a listing abroad, its chief executive said on Tuesday.
Khater Massaad, who is also head of sovereign wealth fund the Ras al Khaimah Investment Authority (RAKIA), said the ceramics company sees growth in key markets such as Germany and the UK.
In an interview with Reuters, Massaad said: “We made $87 million in profits in 2009 and we increased our production and sales. In 2010, I expect around 10 percent more (profit growth).”
RAK Ceramics is expecting to increase its market share in Germany, its best market outside the Gulf region, to 10 to 12 percent in 2010 from 8 percent last year.
Massaad also hopes to boost the firm’s profits by making it the biggest exporter of tiles to the UK next year, he said.
The firm, which exports to 123 countries and is listed on Abu Dhabi’s bourse, is mulling a secondary listing on an international bourse by the end of 2011, Massaad said.
He added that RAK Ceramics is in early talks with three banks on getting a second listing, but declined to offer details.
He said: “For the last two months, we have been talking about listing overseas.”
Massaad added: “We would like to list in London because it has international coverage and it has a lot of liquidity and it will put light on RAK Ceramics being the biggest ceramics factory in the world.”
The firm’s shares closed unchanged at 1.7 dirhams a share in earlier trading on Tuesday.
Separately, Massaad said the sovereign wealth fund is working on its man made Al Marjan Island off the emirate’s coast and would look to spend up to $27.23 million this year on setting up automobile and food parks to attract foreign investment.
Ras al Khaimah is the most northernly of the seven emirates that make up the UAE federation. (Reuters)
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