Abu Dhabi – Mubasher: Emirates Steel Arkan shifted to net profits worth AED 383.15 million in the first nine months (9M) of 2022, compared to net losses of AED 29.18 million in 9M-21.
Revenues amounted to AED 7.12 billion in 9M-22, higher than AED 591.15 million in 9M-21, according to the company’s income statements.
The basic and diluted earnings per share (EPS) settled at AED 0.05 during January-September 2022, against a loss per share of AED 0.01 in the year-ago period.
During the third quarter (Q3) of 2022, the UAE-based firm also turned profitable at AED 103.29 million, versus a net loss of AED 5.94 million in Q3-21.
Furthermore, the basic and diluted EPS stood at AED 0.015 in Q3-22, compared to AED 0.003 in Q3-21.
Meanwhile, the revenues totalled AED 2.51 billion in the July-September 2022 period, a hike from AED 173.07 million during the same period a year earlier.
Hamad Al Hammadi, Chairman of Emirates Steel Arkan, said: “The group’s robust Q3 earnings demonstrate the success of its strategy of focusing on new opportunities in its 70 international export markets.”
Al Hammadi added: “The group also remains committed to its home market and supporting Abu Dhabi's Industrial Strategy. To that end, it is accelerating efforts to aid the growth of local industries and to enhance the ‘Make it in the Emirates’ brand and is studying options for producing flat steel for manufacturing industry customers.”
In the first half (H1) of 2022, the ADX-listed company swung to net profits worth AED 279.86 million, versus net losses of AED 23.24 million in H1-21.
