Abu Dhabi, UAE – Emirates Steel Arkan, announced Monday that its net profit rose to AED 508.5 million ($138.44m) in 2022.
The company attributed its merger to high demand its operational efficiencies post the merger of Emirates Steel and Arkan in Q4 2021.
The Group’s net profit for the full year 2022 was AED508.5 million compared to a pro-forma loss of AED636.7 million in financial year (FY) 2021.
It was supported by the Group’s expansion of its international export footprint by 25 percent to 70 countries, from 56 in 2021, the company said.
Revenue for 2022 rose to AED9.5 billion, versus pro-forma AED8.6 billion in FY21, earnings before interest, taxes, depreciation, and amortization (EBITDA) increased to AED1.16 billion, a 51 percent year-on-year advance from pro-forma AED770 million in FY21.
In the fourth quarter of 2022, the Group’s net profit amounted to AED125 million, compared to an impairment charge driven loss of AED518 million in the fourth quarter (4Q) of 2021.
Revenue in 4Q22 was AED2.3 billion, compared to AED2.4 billion in 4Q21.
Hamad A. Al Hammadi, Chairman, Emirates Steel Arkan, said, “The first full year results of the Group clearly demonstrate the value of combining Emirates Steel and Arkan, which has created a UAE steel and building materials champion that is globally competitive.”