EPS figures calculated from Net Profit / 558,379,008 shares outstanding. RAKCEC share price as of 01 Feb 2009 was 1.40 dhs, so 2008 estimated PE is about 1.40 / 0.24 = 5.8, based on Q4 earnings and is even cheaper based on FY earnings at 1.40 / 0.37 = 3.8. Perhaps not a bad price at all considering RAK Ceramics have operations in a number of countries so aren't entirely at the mercy of a slowdown or halt in construction in the UAE.
The biggest concern for me would be the apparent lack of arithmetical skills in the RAK Ceramics accounting department (I only say that because I've been losing hair all morning trying to figure out why I can't count ). Revenue for 2007 FY is stated differently in preliminary accounts from last year's audited accounts - see RAK Ceramics 2008 annual report). And back in 2007 there were other errors (see RAK Ceramics 2007 H1 report).
But moving on from my personal whines, although RAK Ceramics Q4 profits didn't fall too drastically (some of the property companies have seen profits all but disappear, and there are other companies showing losses), the quarterly profits for the past two years do not show consistent growth - they seem to bounce around between AED 30m and 60m. Admittedly the first three quarters of 2008 were somewhat better.
RAK Ceramics shares are untraded so far today.
What about 2009? Will the demand for bathroom fixtures go down the toilet? Will we see RAK Ceramic profits get flushed away? Is it time to sink more money into RAK Ceramics shares or could investors end up taking a bath ?
(RAKCEC) RAK Ceramics: Invitation to attend AGM on April 16, 2008
10% share dividend proposed. English version of disclosure appears to have a typo - says AGM date is 16 February 2009. Arabic version says April. _________________ UAE IPO list | posting guidelines
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). Revenue for 2007 FY is stated differently in preliminary accounts from last year's audited accounts - see 
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