WAM: Emirates Steel Arkan announced its first-quarter results with revenues of AED2.04 billion for the first quarter of 2022, compared to AED233.5 million in 2021.
The earnings reflect the positive impact of the merger in Q4 2021 of Arkan and Emirates Steel. Net profit was AED72.6 million compared to AED1.2 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.
Commenting on the results, Hamad Abdulla Mohamed AlShorafa Alhammadi, Chairman of Emirates Steel Arkan, said, “The foresight of the merger of Emirates Steel and Arkan and the impact of the management changes that we have made are clearly evident in the strong financial metrics that the merged entity has delivered in the first quarter. The Group’s management has made great strides in enhancing efficiency and unlocking the full potential of the combined entity.
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