Emirates Steel Arkan Q1 net more than doubles to $41.45mln

Emirates Steel Arkan Q1 net more than doubles to $41.45mln

UAE - Emirates Steel Arkan, the largest publicly traded steel and building materials company in the UAE, has seen its first-quarter (Q1) net profit shoot up 110% to AED152.2 million ($41.45 million). This is compared to a net profit of AED72.6 million in the first three months of 2022.

The strong performance in Q1 2023 was driven by several factors, including increased volumes from the Steel division, the penetration of new export markets, and increased sales of value-added products with enhanced margins.

Revenue from the Steel division totalled AED2.14 billion for Q1 2023, from AED1.81 billion in the corresponding period in 2022. Profit from the Steel division for the first three months of 2023 was AED137.5 million as compared to a net profit of AED61.1 million for the same period in 2022, an increase of 125%.

Cement and Blocks

Revenue from the Cement and Blocks division was AED211.2 million for the first three months of 2023, compared to AED183.2 million for the equivalent period in 2022. The division’s profit was AED10.6 million as compared to a profit of AED9.3 million for the same period in 2022.

The combined business recorded quarterly revenue of AED2.41 billion compared to AED2.04 billion during the same period in 2022,