Emirates Steel Arkan announces Q2 2022 results

Emirates Steel Arkan announces Q2 2022 results

- Q2 revenues increased to AED 2.57 billion

- H1 net profit advanced to AED 280 million on revenue of AED 4.61 billion

Abu Dhabi, United Arab Emirates: Emirates Steel Arkan (ADX: EMSTEEL) (the “Group”), the largest publicly traded steel and building materials company in the UAE, today announced its second quarter results.

The Group reported a net profit of AED 207 million in the second quarter compared to a pre-merger loss of AED 24 million in the same period of last year and a 184% gain from AED 73 million in Q1, driven by higher sales volumes and prices, enhanced operational efficiencies, and a supportive commodity market environment. Revenues rose to AED 2.57 billion in Q2 compared to AED 195 million in the corresponding quarter last year. Steel continued to contribute 90% of the Group’s revenues and building materials 10%.

Earnings per share for the quarter rose to AED 0.03 per share compared to a pre-merger loss of AED 0.014 per share in the same period last year. The Group’s net profit for the first six months of 2022 was AED 280 million compared to a pre-merger loss of AED 23 million in the first half of 2021 while revenues rose to AED