Abu Dhabi – Mubasher: The net profits of Emirates Steel Arkan reached AED 387.59 million in the first nine months (9M) of 2023, versus AED 383.15 million in 9M-22.
Revenues stood at AED 6.48 billion during January-September 2023, compared to AED 7.12 billion in the year-ago period. This was backed by a continuing increase in the manufacture and sale of value-added products for both the domestic and export markets and bolstered by growth in construction activities.
The earnings per share (EPS) edged up to AED 0.057 in 9M-23 from AED 0.056 a year earlier, according to the income statements.
Meanwhile, the earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at AED 884 million as of 30 September 2023, up by 3% during the same period in 2022.
Total current assets hit AED 3.99 billion in 9M-23, compared to AED 4.07 billion as of 31 December 2022.
Saeed Ghumran Al Remeithi, Group CEO of Emirates Steel Arkan, commented: "Emirates Steel Arkan’s financial results for 9M-23 mark a continuation of our robust performance, underscoring the group's resilience and agility.”
“This demonstrates our ability to maintain solid profits despite challenging market conditions,” Al Remeithi indicated. “During this time, we remained committed to prioritizing higher-value-added products, while delivering greater efficiencies and optimizing EBITDA through our Namaa' 2.0 transformation programme."
He added: “We continue to work on realizing our decarbonization roadmap, aiming for a 40% reduction in carbon emissions by 2030 and achieving net zero emissions by 2050.”
“This commitment involves leveraging our growing portfolio of low-carbon products, developing our cross-border supply chain, and fostering partnerships; enabling the group to drive its decarbonization efforts forward,” the group CEO mentioned.
In the first half (H1) of 2023, the ADX-listed company generated AED 280.47 million in net profit, compared to AED 279.86 million a year earlier.
