Emirates Steel Arkan, the UAE's largest public steel and building materials business, more than doubled its first-quarter net profit on higher sales bolstered by an upturn in residential construction in the UAE and GCC.
Net income for the three months to the end of March jumped to Dh152.2 million, compared to Dh72.6 million in the first three months of 2022, the company said in a statement on Wednesday to the Abu Dhabi Securities Exchange.
Revenue increased 18 per cent year-on-year to Dh2.41 billion in the first quarter, driven by the steel division.
“Emirates Steel Arkan continued its strong financial performance in the first three months of 2023,” group chief executive Saeed Al Remeithi said.
“This was driven by our entry into new markets, our focus on higher-value-added products with improved margins supported by favourable cost and pricing conditions, and further efficiencies achieved in our expanded business while remaining focused on our sustainability mission.
“This reflects the anticipated improvement in performance which we envisaged at the time of the strategic combination of Emirates Steel with Arkan.”
Formed after the merger of Emirates Steel and Arkan Building Materials in 2021, Emirates Steel Arkan is majority owned by Abu Dhabi holding company ADQ.
It supplies products to the manufacturing and construction sectors in the UAE and more than 70 international markets.
Emirates Steel Arkan's first-quarter revenue from the steel division increased by 18 per cent annually to Dh2.14 billion, while the unit's profit rose 125 per cent year on year to Dh137.5 million.
Revenue from the company's cement and blocks division climbed 15 per cent during the period to Dh211.2 million, while profit also increased nearly 14 per cent to Dh10.6 million.
The group's earnings before interest, taxes, depreciation and amortisation rose 41 per cent year-on-year to Dh320 million, Emirates Steel Arkan said in the bourse filing.
The company reduced its net bank borrowings by a further Dh130 million in the quarter, leading to a debt-to-equity ratio of 0.12 as of March 31, compared to 0.32 at the end of December 2021 immediately following the merger.
The group has also pledged to reduce its carbon emissions by 40 per cent by 2030 and achieve net zero emissions by 2050, in line with the UAE’s carbon-reduction targets and its targets for exporting low-carbon steel.
The UAE aims to become carbon neutral by 2050, with new investments worth Dh600 billion planned in clean and renewable energy sources over the next three decades.
Emirates Steel Arkan also plays a key role in supporting the UAE's Operation 300bn strategy launched in 2021, which seeks to position the country as an industrial centre by 2031.
The 10-year strategy focuses on increasing the industrial sector’s contribution to gross domestic product to Dh300 billion by 2031, from Dh133 billion in 2021.
“As we move into our second full year of operations as a combined entity, our strategy remains to lead the way in promoting UAE-made steel and building materials, thereby bolstering our international presence as a sustainability champion,” Mr Al Remeithi said.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
More on animal trafficking
CONCRETE COWBOY
Directed by: Ricky Staub
Starring: Idris Elba, Caleb McLaughlin, Jharrel Jerome
3.5/5 stars
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The British in India: Three Centuries of Ambition and Experience
by David Gilmour
Allen Lane
More from Neighbourhood Watch
GROUPS
Group Gustavo Kuerten
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John Isner (x8)
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RACE CARD
5pm: Maiden (PA) Dh80,000 1,400m
5.30pm: Maiden (PA) Dh80,000 1,200m
6pm: Arabian Triple Crown Round-1 (PA) Listed Dh230,000 1,600m
6.30pm: HH The President’s Cup (PA) Group 1 Dh2.5million 2,200m
7pm: HH The President’s Cup (TB) Listed Dh380,000 1,400m
7.30pm: Wathba Stallions Cup (PA) Handicap Dh70,000 1,200m.
Other promotions
- Deliveroo will team up with Pineapple Express to offer customers near JLT a special treat: free banana caramel dessert with all orders on January 26
- Jones the Grocer will have their limited edition Australia Day menu available until the end of the month (January 31)
- Australian Vet in Abu Dhabi (with locations in Khalifa City A and Reem Island) will have a 15 per cent off all store items (excluding medications)
MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
Abu Dhabi Equestrian Club race card
5pm: Abu Dhabi Fillies Classic (PA) Prestige; Dh110,000; 1,400m
5.30pm: Abu Dhabi Colts Classic (PA) Prestige; Dh110,000; 1,400m
6pm: Maiden (PA); Dh80,000; 1,600m
6.30pm: Abu Dhabi Championship (PA) Listed; Dh180,000; 1,600m
7pm: Wathba Stallions Cup (PA) Handicap; Dh70,000; 2,200m
7.30pm: Handicap (PA); Dh100,000; 2,400m
Schedule:
Pakistan v Sri Lanka:
28 Sep-2 Oct, 1st Test, Abu Dhabi
6-10 Oct, 2nd Test (day-night), Dubai
13 Oct, 1st ODI, Dubai
16 Oct, 2nd ODI, Abu Dhabi
18 Oct, 3rd ODI, Abu Dhabi
20 Oct, 4th ODI, Sharjah
23 Oct, 5th ODI, Sharjah
26 Oct, 1st T20I, Abu Dhabi
27 Oct, 2nd T20I, Abu Dhabi
29 Oct, 3rd T20I, Lahore
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Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
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UAE currency: the story behind the money in your pockets
