UAE’s leading steelmaker Emirates Steel Arkan has reported a 29% YoY jump in revenues in Q3 of 2022 at AED 2.51 billion and net profit of AED 103 million in the third quarter compared to a pre-merger pro-forma loss of AED 79 million in the same period of last year. Emirates Steel Arkan said that gains were driven by the group’s strategy to diversify revenues through increased exports to over 70 markets, prudent cost control and an increase in operational efficiencies. Revenues for the first nine months of 2022 rose to AED 7.12 billion versus pro-forma AED 6.20 billion in the same period last year. The group reported EBITDA of AED863 million, a 134% YoY increase from pro-forma AED 369 million in the year-ago period. Net profit in the first nine months of 2022 was AED 383 million compared to a pre-merger pro-forma loss of AED119 million in the same period last year.
UAE’s leading steelmaker Emirates Steel Arkan has reported a 29% YoY jump in revenues in Q3 of 2022 at AED 2.51 billion and net profit of AED 103 million in the third quarter compared to a pre-merger pro-forma loss of AED 79 million in the same period of last year. Emirates Steel Arkan said that gains were driven by the group’s strategy to diversify revenues through increased exports to over 70 markets, prudent cost control and an increase in operational efficiencies. Revenues for the first nine months of 2022 rose to AED 7.12 billion versus pro-forma AED 6.20 billion in the same period last year. The group reported EBITDA of AED863 million, a 134% YoY increase from pro-forma AED 369 million in the year-ago period. Net profit in the first nine months of 2022 was AED 383 million compared to a pre-merger pro-forma loss of AED119 million in the same period last year.
