Abu Dhabi – Mubasher: Emirates Steel Arkan logged net profits worth AED 280.47 million during the first half (H1) of 2023, up year-on-year (YoY) from AED 279.86 million.
Revenues hit AED 4.43 billion as of 30 June 2023, an annual decline from AED 4.61 billion, according to the income statements.
In the first six months (6M) of 2023, the basic and diluted earnings per share (EPS) remained unchanged at AED 0.04.
Financial Results for Q2-23
The ADX-listed firm posted a YoY drop in net profit to AED 128.30 million during the second quarter (Q2) of 2023, compared to AED 207.27 million.
Revenues plummeted to AED 2.02 billion in Q2-23 from AED 2.57 billion in Q2-22, while the basic and diluted EPS retreated to AED 0.01 from AED 0.03.
Saeed Ghumran Al Remeithi, Group CEO of Emirates Steel Arkan, indicated: “This performance was delivered by focusing on higher-value-added products with improved margins and enhanced efficiencies.”
“Better capital control and targeted capital expenditure have also strengthened our balance sheet to support our ability to drive our growth strategy forward,” Al Remeithi continued.
During the three-month period that ended on 31 March 2023, the UAE-based company recorded net profits valued at AED 152.17 million, an annual hike of 110% from AED 72.58 million.
