UAE’s industrial giant Emirates Steel Arkan has reported revenues of AED 2.04 billion for the first quarter of 2022, compared to AED 233.5 million in 2021. The robust earnings reflect the positive impact of the merger in Q4 2021 of Arkan and Emirates Steel, the largest integrated steel manufacturer in the Middle East. Net profit was AED 72.6 million compared to AED 1.2 million for the same period in 2021, boosted by enhanced operational performance and higher sales volumes. The Group expects 90% of full year revenues in 2022 to derive from Emirates Steel and 10% from the Arkan operations.On a stand-alone basis, Emirates Steel reported net profit of AED 61.1 million during the first quarter, a 265% increase on Q1 2021, bolstered by higher exports of rebar, sections and sheet piles to regions including Asia and North America. Rebar sales rose by 8% to 462,000 tonnes in the first quarter due to increased demand in Asian markets. At the same time, sheet pile sales grew by 410% in the quarter due to enhanced export sales to North American markets. Meanwhile, each of Arkan’s business units was profitable in Q1. On a standalone basis, Arkan delivered a net profit of AED 11.5 million, an increase of 942% year-on-year.
UAE’s industrial giant Emirates Steel Arkan has reported revenues of AED 2.04 billion for the first quarter of 2022, compared to AED 233.5 million in 2021. The robust earnings reflect the positive impact of the merger in Q4 2021 of Arkan and Emirates Steel, the largest integrated steel manufacturer in the Middle East. Net profit was AED 72.6 million compared to AED 1.2 million for the same period in 2021, boosted by enhanced operational performance and higher sales volumes. The Group expects 90% of full year revenues in 2022 to derive from Emirates Steel and 10% from the Arkan operations.On a stand-alone basis, Emirates Steel reported net profit of AED 61.1 million during the first quarter, a 265% increase on Q1 2021, bolstered by higher exports of rebar, sections and sheet piles to regions including Asia and North America. Rebar sales rose by 8% to 462,000 tonnes in the first quarter due to increased demand in Asian markets. At the same time, sheet pile sales grew by 410% in the quarter due to enhanced export sales to North American markets. Meanwhile, each of Arkan’s business units was profitable in Q1. On a standalone basis, Arkan delivered a net profit of AED 11.5 million, an increase of 942% year-on-year.
