Emirates Steel Arkan, the UAE's largest publicly traded steel and building materials company, has announced its second quarter results. Group second-quarter net profit increased 184% to AED 207 million ($56 million) from the first quarter.
Revenues increased to AED 2.57 billion ($699 million) in Q2 compared to AED 195 million ($53 million) in the corresponding quarter last year. Steel contributes 90% of company revenues and 10% to construction materials.
The group's net profit for the January-June period was AED 280 million ($76 million), compared to a loss of AED 23 million ($6 million), while revenues increased to AED 4.61 billion ($1.255 billion). Increasing group productivity in 2022, the Group has increased the efficiency of its factories and kept finished product volumes low to take advantage of and manage the risks associated with increased price volatility.
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