The revenues of Emirates Steel Company “Arkan” in the third quarter of this year 2022 increased by 29% to reach 2.51 billion dirhams, compared to the initial revenues during the third quarter of last year, which amounted to 1.94 billion dirhams.

EBITDA increased to AED 269 million, up 224% year-on-year.
The group recorded a net profit of 103 million dirhams, compared to an initial pre-merger loss of 79 million dirhams for the same period last year. These gains were driven by the group’s strategy to diversify revenues by increasing the volume of exports to more than 70 markets, in addition to tight cost management and enhancing operational efficiency.

Revenues for the first nine months of 2022 increased to 7.12 billion dirhams, compared to 6.2 billion dirhams. The group recorded earnings before interest, taxes, depreciation and amortization amounting to 863 million dirhams, compared to the initial profits for the first nine months of 2021, which amounted to 369 million dirhams, a growth of 134% on an annual basis. Net profit amounted to 383 million dirhams, compared to an initial loss before the merger of 119 million dirhams.

Following the merger during the last quarter of 2021, Emirates Steel continued to contribute 90% of the group’s revenue, while Arkan contributed 10% of it. Revenues of Emirates Steel’s business increased during the first nine months of 2022 to 6.45 billion dirhams, compared to non-consolidated pre-merger revenues of 5.6 billion dirhams during the first nine months of 2021, supported by strong sales in Europe and the Americas and increased demand in the UAE. United Arab Emirates.