Abu Dhabi – Mubasher: Emirates Steel Arkan logged net profits after tax valued at AED 128.22 million in the first quarter (Q1) of 2024, down year-on-year (YoY) from AED 152.17 million.
Revenues plummeted to AED 2.13 billion in Q1-24 from AED 2.40 billion in Q1-23, while the basic and diluted earnings per share (EPS) retreated to AED 0.01 from AED 0.02.
Total assets amounted to AED 11.10 billion as of 31 March 2024, up from AED 11.02 billion at the end of December 2023.
The ADX-listed group registered a marginal 8% YoY decrease in net profit before tax to AED 140 million in the first three months (3M) of 2024, compared to AED 152 million.
Saeed Ghumran Al Remeithi, Group CEO of Emirates Steel Arkan, said: “Despite the challenging global economic landscape impacting commodity prices, Emirates Steel Arkan has maintained its resilience and solid performance. We remain committed to prioritizing the safety of our people, achieving operational excellence, effective cost management, and fostering customer relationships.”
Al Remeithi added: "As we navigate throughout 2024, we remain focused on delivering value to our stakeholders while advancing towards the sustainable production of steel and building materials. We will continue to build on this strong progress throughout the year.”
In the January-December 2023 period, the net profits of Emirates Steel Arkan increased by 18% to AED 601.91 million from AED 510.20 million in 2022.
