Abu Dhabi – Mubasher: Emirates Steel Arkan recorded lower net profits at AED 174.47 million in the first half (H1) of 2024, compared to AED 280.47 million in H1-23.
The company generated revenues amounting to AED 3.95 billion in H1-24, down 10% year-on-year (YoY) from AED 4.43 billion, according to the financial results.
Earnings per share (EPS) retreated to AED 0.02 as of 30 June 2024 from AED 0.04 in H1-23.
Total assets reached AED 11.03 billion in H1-24, versus AED 11.02 billion as of 31 December 2023.
Income Results for Q2
In the second quarter (Q2) of 2024, the ADX-listed firm’s profits shrank to AED 46.25 million from AED 128.30 million in Q2-23, while the revenues fell to AED 1.82 billion from AED 2.02 billion.
Meanwhile, the EPS amounted to AED 0.007 in Q2-24, lower than AED 0.019 a year earlier.
Saeed Ghumran Al Remeithi, Director and Group CEO of Emirates Steel Arkan, said: “Our performance in H1-24 is strong, evidenced by revenues of AED 3.96 billion and EBITDA of AED 503 million.”
“As we enter the H2, we will remain vigilant in monitoring market dynamics to stay agile. We will continue to collaborate closely with our downstream customers to meet their needs for value-added and low-carbon products,” Al Remeithi continued.
In Q1-24, Emirates Steel Arkan generated net profits after tax valued at AED 128.22 million, an annual plunge from AED 152.17 million
