Emirates Steel Arkan’s 2022 net profit increases to AED 508.5mln

Emirates Steel Arkan’s 2022 net profit increases to AED 508.5mln

- Net profit increased to AED 508.5 million in 2022 from a pre-merger pro-forma loss of AED 636.7 million in 2021

- Revenue rose 10% year on year in 2022 to AED 9.5 billion, compared to a pro-forma AED 8.6 billion in 2021

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 net profit rose to AED 508.5 million in 2022, boosted by strong demand from international customers and the steps taken by the Group to enhance operational efficiencies following the merger of Emirates Steel and Arkan in the fourth quarter of 2021.

The Group’s net profit for the full year 2022 was AED 508.5 million compared to a pro-forma loss of AED 636.7 million in FY21, supported by the Group’s expansion of its international export footprint by 25% to 70 countries, from 56 in 2021. Revenue for FY22 rose to AED 9.5 billion, versus pro-forma AED 8.6 billion in FY21, EBITDA increased to AED 1.16 billion, a 51% year-on-year advance from pro-forma AED 770 million in FY21.

In the fourth quarter of 2022, the Group’s net profit amounted to AED 125 million, compared to an