Abu Dhabi, UAE—Emirates Steel Arkan Tuesday reported a net profit of AED103 million ($28 million) in the third quarter of 2022 and AED383 million ($104 million) for the first nine months of the year.
Revenues for the first nine months of 2022 rose to AED7.12 billion, while the revenues rose 29 percent to AED2.51 billion in the third quarter.
The Group’s Q3 2022 EBITDA gained 224 percent year-on-year (YoY) to AED269 million. The Group reported EBITDA of AED863 million.
Following the merger, in the final quarter of 2021, the Group’s steel business contributed 90 percent of revenues while building materials comprised 10 percent. Revenue from the steel business during 9M22 rose to AED6.45 billion.
Hamad A. Al Hammadi, Chairman of Emirates Steel Arkan, said, “The Group’s robust third-quarter earnings demonstrate the success of its strategy of focusing on new opportunities in its 70 international export markets. The Group also remains committed to its home market and supporting Abu Dhabi’s Industrial Strategy.”
