Abu Dhabi - Mubasher: Emirates Steel Arkan swung to net profits worth AED 508.45 million in 2022, compared to net losses of AED 744.63 million in 2021.
Revenues jumped to AED 9.45 billion during the January-December 2022 period from AED 3.02 billion a year earlier, according to the preliminary financial results.
The earnings per share (EPS) reached AED 0.07 in 2022, versus a loss per share of AED 0.24 in 2021.
Meanwhile, the total assets amounted to AED 11.26 billion as of 31 December 2022, an annual drop from AED 12.06 billion.
Income Statements for Q4-22
During the fourth quarter (Q4) of 2022, Emirates Steel Arkan logged net profits worth AED 125 million, compared with an impairment charge-driven loss of AED 518 million in Q4-21.
Furthermore, the revenues stood at AED 2.30 billion in Q4-22, down from AED 2.40 billion in Q4-21.
Saeed Ghumran Al Remeithi, Group CEO of Emirates Steel Arkan, noted: “Looking ahead to 2023, we will continue our drive to enhance shareholder value by growing regionally and internationally while developing a wider range of products, including environmentally friendly steel, and increasing the use of scrap in our plants.”
Al Remeithi highlighted: “We are also studying options for producing flat steel as part of our strategy to diversify our client base and add manufacturing industry customers to our existing strong base of construction customers.”
“The strength of our financial position and the further savings we expect to realise this year will also allow us to rapidly capitalise on emerging opportunities, giving us greater confidence to continue our expansion plans,” he concluded.
In the first nine months (9M) of 2022, the ADX-listed company turned profitable at AED 383.15 million, against net losses worth AED 29.18 million in 9M-21.
