Emirates Arkan Steel announced an 18% growth in net profits to 601.9 million dirhams, compared to net profits of 510.2 million dirhams in 2022.

These positive results reflect the strong demand from local and international customers for value-added products, the continuous improvement in the revenues and profits of the building materials unit, as well as the efficiency of operational processes at the group level.

The group achieved positive results during the year 2023, with revenues amounting to 8.9 billion dirhams, despite the challenges and global market conditions and their impact on commodity prices.

Earnings before interest, taxes, depreciation and amortization amounted to 1.26 billion dirhams, an increase of 8% year-on-year.

The EBITDA margin reached 14.2%, compared to 12.4% in 2022.

Also, the total revenues of the steel unit’s business reached 8.03 billion dirhams during the year 2023, and the profits of this unit amounted to 457 million dirhams. This is mainly due to the increase in sales of value-added products and the increasing growth of the construction sector in the UAE.

The building materials unit’s revenues amounted to 871 million dirhams during the year 2023, while the unit’s profits amounted to 145 million dirhams.

The group’s net profits amounted to 601.9 million dirhams, compared to 510.2 million dirhams during the year 2022.