Abu Dhabi – Mubasher: The net profits of Emirates Steel Arkan amounted to AED 152.17 million in the first quarter (Q1) of 2023, higher by 110% year-on-year (YoY) than AED 72.58 million.
The UAE-based group registered an 18% surge in revenue to AED 2.40 billion during January-March 2023, versus AED 2.04 billion in Q1-22, according to the consolidated income statements.
Earnings per share (EPS) hit AED 0.02 during Q1-23, up from AED 0.01 in the year-ago period.
In the first three months (3M) of 2023, the total current assets enlarged to AED 4.41 billion from AED 4.07 billion as of 31 December 2022.
Saeed Ghumran Al Remeithi, Group CEO of Emirates Steel Arkan, elaborated that the strong financial performance in Q1-23 was driven by the company’s entry into new markets.
Al Remeithi also highlighted their “focus on higher-value-added products with improved margins supported by favourable cost and pricing conditions, and further efficiencies achieved in our expanded business whilst remaining focused on our sustainability mission.”
“As we move into our second full year of operations as a combined entity, our strategy remains to lead the way in promoting UAE-made steel and building materials, thereby bolstering our international presence as a sustainability champion,” he concluded.
Last year, Emirates Steel Arkan turned profitable at AED 508.45 million, against net losses valued at AED 744.63 million in 2021.
