Abu Dhabi – Mubasher: Emirates Steel Arkan recorded 18% higher net profits at AED 601.91 million in 2023, compared to AED 510.20 million in 2022.
Revenues dropped to AED 8.89 billion in 2023 from AED 9.45 billion a year earlier, according to the unaudited income statements.
The earnings per share (EPS) amounted to AED 0.08 as of 31 December 2023, up year-on-year (YoY) from AED 0.07.
Emirates Steel Arkan reported total assets valued at AED 11.02 billion last year, versus AED 11.47 billion in 2022.
Financials for Q4
In the fourth quarter (Q4) of 2023, the combined business recorded revenues hit AED 2.40 billion, marking a 4% YoY growth that was mainly driven by higher volumes of rebar sales to the domestic market.
Net profits hiked by 69% YoY to AED 215 million in the October-December 2023 period.
Hamad Al Hammadi, Chairman of Emirates Steel Arkan, said: “As the largest steel and building materials company in the UAE, we remain confident in sustaining competitiveness, seizing growth opportunities, and delivering substantial value for our shareholders.
Saeed Ghumran Al Remeithi, Director and Group CEO of Emirates Steel Arkan, commented: “Emirates Steel Arkan’s financial results for 2023 mark a continuation of our strong performance."
"As we look to 2024, our strategic focus revolves around boosting output, reducing costs, and surpassing our production targets,” Al Remeithi stated.
The Group CEO added: “With a robust financial position, reduced debt, and a commitment to sustainability, we approach the future with confidence, navigating emerging opportunities and actively contributing to positive climate actions in the UAE and beyond."
As of 30 September 2023, the ADX-listed firm achieved AED 387.59 million in net profit, up YoY from AED 383.15 million.
