Engineer Saeed Ghamran Al Rumaithi, CEO of Emirates Steel Arkan, said that the group was able to reduce the volume of bank loans and reduce reliance on short-term cash loans, which contributed to achieving additional savings and improving cash flow in general at the end of the first half of this year. .
He added, in statements to the Emirates News Agency, that the group was able to enhance the efficiency of the performance of its factories by managing the stock of raw materials, while maintaining low quantities of final products to take advantage of the increase in prices and manage the risks associated with their fluctuations.
He explained that the group is constantly studying the possibility of expanding into new markets in Asia and Africa, while it was able to expand the export markets of “Emirates Steel” to 60 markets at the end of the first half of this year, compared to 56 markets at the beginning of the year, and that the export markets currently represent about 45 % of the total sales of “Emirates Steel”, compared to 55% of sales in the local market, and it also maintained its market share of 60%.
He explained that Emirates Steel produces 3.5 million tons annually of rebar products, iron wire coils, structural sections and pivot panels, enough to meet the needs of local markets, while the production capacity of Al Ain Cement Factory is 5.7 million tons annually, and 4 million tons of clinker, while the Emirates Brick Factories, producing blocks with a total capacity of 235,000 blocks per day.
Al Rumaithi expected the group to continue its strong financial performance by the end of this year, benefiting mainly from the economic recovery witnessed by the UAE, in addition to the boom in the real estate sector.
The CEO of the Emirates Steel Group, Arkan, estimated that 90% of the group’s total revenue for 2022 will be from the Emirates Steel business, with the “Arkan” business contributing about 10%, after all its business units achieved profits during the first half of this year. .