Industry Emirates Steel Arkan profit rises 18% on robust sales By Pramod Kumar February 14, 2024, 4:35 AM Emirates Steel Arkan The steel division’s revenue reached AED8 billion in 2023 with AED457 million contribution to the total profit Abu Dhabi-headquartered Emirates Steel Arkan said net profit increased by 18 percent year on year to AED602 million in 2023, on robust domestic and global sales. Revenue fell 5.3 percent year on year to nearly AED9 billion amid a challenging and volatile global economic landscape and its impact on commodity prices. The steel division accounted for AED8 billion of total reevnue last year. Revenue from the building materials division was AED871 million in 2023, with a profit of AED145 million. The group reduced its net bank debt by 94 percent from AED 1.1 billion to AED 63 million in the past 12 months, resulting in a net bank debt-Ebitda ratio of 0.05 as of December 31, 2023. Group CEO Saeed Ghumran Al Remeithi said the company will focus on boosting output, reducing costs, and surpassing its production targets this year. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
