UAE’s leading steel and building materials company Emirates Steel Arkan, has announced that its net profit rose to AED 508.5 million (USD 138 million) in 2022, compared to a pro-forma loss of AED 636.7 million in 2021, due to 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. Emirates Steel Arkan Chairman Mr Hamad A Al Hammadi said “The first full year results of the Group clearly demonstrate the value of combining Emirates Steel and Arkan, which has created a UAE steel and building materials champion that is globally competitive.”Revenue for 2022 rose to AED 9.5 billion, versus pro-forma AED 8.6 billion in 2021, EBITDA increased to AED 1.16 billion, a 51% YoY increase from pro-forma AED 770 million in 2021.The increase in net profit was supported by the expansion of its international export footprint by 25% to 70 countries, from 56 in 2021.
UAE’s leading steel and building materials company Emirates Steel Arkan, has announced that its net profit rose to AED 508.5 million (USD 138 million) in 2022, compared to a pro-forma loss of AED 636.7 million in 2021, due to 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. Emirates Steel Arkan Chairman Mr Hamad A Al Hammadi said “The first full year results of the Group clearly demonstrate the value of combining Emirates Steel and Arkan, which has created a UAE steel and building materials champion that is globally competitive.”Revenue for 2022 rose to AED 9.5 billion, versus pro-forma AED 8.6 billion in 2021, EBITDA increased to AED 1.16 billion, a 51% YoY increase from pro-forma AED 770 million in 2021.The increase in net profit was supported by the expansion of its international export footprint by 25% to 70 countries, from 56 in 2021.
