Abu Dhabi: Emirates Steel Arkan reported a 29 per cent jump in revenues in Q3 2022 at Dh2.51 billion, the company said on Tuesday, compared to pro-forma Dh1.94 billion in the corresponding quarter last year.
The group reported a net profit of Dh103 million in the third quarter compared to a pre-merger pro-forma loss of Dh79 million in the same period of last year.
The 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 Dh7.12 billion versus pro-forma Dh6.20 billion in the same period last year. The group reported EBITDA of Dh863 million, a 134 per cent year-on-year increase from pro-forma Dh369 million in the year-ago period. Net profit in the first nine months of 2022 was Dh383 million compared to a pre-merger pro-forma loss of Dh119 million in the same period last year.
Hamad A. AlHammadi, Chairman, Emirates Steel Arkan, said: “ghe Group’s robust third-quarter earnings demonstrate the success of its strategy of focusing on new opportunities in its 70 international export markets. The group also remains committed to its home market and supporting Abu Dhabi’s industrial strategy. To that end, it is accelerating efforts to aid the growth of local industries and to enhance the ‘Make it in the Emirates’ brand and is studying options for producing flat steel for manufacturing industry customers.
“The UAE economy is forecast to maintain its strong growth despite the expected global downturn, providing a dynamic backdrop for the Group to continue implementing its expansion plans. During the quarter, the group announced that it had partnered with ITOCHU Corporation and JFE Steel Corporation to study the construction of a ferrous raw material production facility in Abu Dhabi.”