Emirates Steel Arkan’s 2022 net profit rises to Dhs508.5m – Gulf Today

Emirates Steel Arkan’s 2022 net profit rises to Dhs508.5m – Gulf Today

Photo used for illustrative purpose.

Emirates Steel Arkan, a prominent publicly traded steel and building materials company in the UAE, today announced that its net profit rose to Dhs508.5 million in 2022. The rise in profit was 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 Dhs508.5 million compared to a pro-forma loss of Dhs636.7 million in financial year (FY) 2021, supported by the Group’s expansion of its international export footprint by 25 percent to 70 countries, from 56 in 2021. Revenue for FY22 rose to Dhs9.5 billion, versus pro-forma Dhs8.6 billion in FY21, earnings before interest, taxes, depreciation, and amortization (Ebitda) increased to Dhs1.16 billion, a 51 percent year-on-year advance from pro-forma