Emsteel recorded a net profit after tax of AED 86.3 million in the first quarter, a decrease of 32.6% compared to AED 128.2 million. As of March 31, 2025, the group maintained strong liquidity, with available cash of AED 881 million, compared to AED 823 million as of December 31, 2024.
The group’s operations performed strongly in the period, with finished steel production volume increasing by 17% compared to the previous year, while it increased by 21% year-on-year to reach 811,000 tons, supported by the continued momentum of the UAE construction sector and the group’s established market position.
In the first quarter of 2024, sales of semi-finished products (billets) reached approximately 100,000 tons. Strong demand in the first quarter of 2025, coupled with increased capacity utilization, enabled the entire production volume to be converted into finished products to meet customer needs. Emirates Cement’s sales also grew by 17% year-on-year.
Despite a 6% year-on-year decline in average steel prices and a decline in the contribution of semi-finished product sales in the first quarter of 2025, which accounted for approximately 10% of total revenues in the same period in 2024, the Emsteel Group recorded revenues of AED 2.2 billion, a 1% increase compared to the same period last year.
EBITDA reached AED 266 million, with a profit margin of 12.3%, compared to 13.7% in the first quarter of 2024. Margin pressures resulting from lower prices were significantly offset by increased capacity utilization. Profit before tax reached AED 94 million, while net profit after tax reached AED 86 million.
