The largest publicly traded metal and building materials company in the UAE, Emirates Steel Arkan, over-tripled its first-quarter earnings because of greater sales and a recovery in home building in both the UAE and the GCC. The business reported in a statement to the securities exchange in Abu Dhabi (ADX) on Wednesday that net income for the period that ended in March increased to Dh152.2 million from Dh72.6 million in its initial three days of 2022. The steel division was the primary driver of the total revenue increase of 18% over the previous year to Dh2.41 billion throughout the first quarter.
“Emirates Steel Arkan maintained its excellent financial results in its initial three months of 2023,” group CEO Saeed Al Remeithi remarked. Our foray into new markets, a focus on higher-value-added items with increased margins facilitated by favorable cost and market conditions, and additional savings achieved in our enlarged business while remaining dedicated to our environmental objective were the major drivers behind this. This shows the performance increase that was anticipated when Emirates Steel and Arkan joined forces competitively.
Emirates Steel Arkan’s first-quarter 2023 profit doubles year over year to AED 152.2 million.
The largest traded steel and construction material company in the UAE, Uae Metal Arkan (ADX: EMSTEEL) (“the Group”), reports an increase in Q1 2023 revenues and profits.
With a tripling of the net profit year over year in the initial three months of 2023, Emirates Steel Arkan maintained its solid financial standing. This was caused by our expansion into new markets, a focus on higher-value items with better margins facilitated by favorable price and market conditions, and additional efficiencies made possible by our expanding business while maintaining our commitment to sustainability. This represents the performance improvement that we anticipated at that point of the planned merger between Emirates Steel and Arkan. As we enter our first full year of business as a merged business, our objective is to continue to take the lead in encouraging steel and construction materials created in the UAE, strengthening our position as a green champion on a global scale. We are dedicated to combating climate change, as seen by our commitment to decreasing the amount of carbon we emit by 40% by 2030 and reaching Net-Zero emissions by 2050. By providing market-leading goods to regional sectors, providing jobs for UAE citizens, and advancing its sustainable practices, Emirates Steel Arkan actively promotes the UAE’s industrial plan, known as “Operation 300 Billion.”
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