2024-02-13 07:47:40
Emirates Arkan Steel announced today, Tuesday, the growth of net profits to 601.9 million dirhams during the past year, an increase of 18% compared to net profits of 510.2 million dirhams in 2022, while it achieved revenues worth 8.9 billion dirhams despite the challenges and circumstances. Global markets and their impact on commodity prices.
The company reported in a statement that earnings before deducting interest, taxes, depreciation and amortization amounted to 1.26 billion dirhams, an increase of 8% on an annual basis.
The earnings margin before deducting interest, taxes, depreciation and amortization reached 14.2% compared to 12.4% in the year 2022, while the total revenues of the steel unit’s business reached 8.03 billion dirhams during the year 2023, and the profits of this unit reached 457 million dirhams, mainly due to the increase in product sales. Added value and increasing growth to the construction sector in the UAE.
The building materials unit’s revenues amounted to 871 million dirhams, while the unit’s profits amounted to 145 million dirhams.
Since December 31, 2022, net bank loans have continued to decline, recording a 94% decrease from 1.1 billion dirhams to 63 million dirhams, and the ratio of net debt to earnings before interest, taxes, depreciation and amortization reached 0.05 on September 31, 2023.
During the last quarter of 2023, the group achieved record revenues of 2.4 billion dirhams, an increase of 4% compared to the same period in 2022, largely due to the high volume of rebar sales in the local market.
The group recorded net profits of 215 million dirhams, an increase of 69% year-on-year, while the volume of earnings before interest, taxes, depreciation and amortization increased by 23% to reach 379.7 million dirhams.
The EBITDA margin also increased to 15.7% in the last quarter of 2023 compared to 13.2% in 2022.
This is largely due to improved steel sales in the UAE market and continued improvement in the profits of the building materials unit.
The Chairman of the Board of Directors of Emirates Steel Arkan, Hamad Al Hammadi, said, “Over the past 12 months, Emirates Steel Arkan has confirmed its strong performance, business flexibility and operational efficiency in light of difficult market conditions.”
He added: “As the largest iron and building materials company in the UAE, we remain confident in maintaining our competitiveness and providing great value for the benefit of our shareholders. The strength of our business along the value chain also demonstrates our pivotal role in supporting the national strategy for the industry through the (300 billion project) and contributing “In further enhancing economic growth.”
For his part, the Group CEO, Engineer Saeed Ghumran Al Rumaithi, said: “The financial results of the Emirates Arkan Steel Group during the year 2023 confirm the continuation of our distinguished performance, as our focus on giving priority to the safety of our employees, operational efficiency, and disciplined cost management has contributed to enhancing… Our relationship with our customers has achieved positive results over the past year.”
He added: “As we move forward in 2024, we will continue our strategic focus on achieving high productivity rates to meet the evolving needs of customers, and based on our strong financial position, low debt, and commitment to sustainability, we are confident that we will be able to continue seizing the best emerging opportunities and contribute effectively to achieving climate goals.” For the UAE.
1707811682
#Net #profits #Emirates #Steel #Arkan #rise #million #dirhams