Emirates Steel, the largest public steel and construction materials business in the UAE, announced in its application to the Abu Dhabi Securities Exchange, where its shares are traded, that it had reached a net profit of 107.1 million Dh (29.16 million dollars) for the three-month period ending in September.
Emirates Steel's direct costs decreased by more than 21% annually, dropping to 1.8 billion Dh, while its financial and other income increased during the period. The company's total revenue for the period saw an 18% annual decrease, reaching 2 billion Dh.
The company's direct costs decreased by over 10% to 5.7 billion Dh, and its nine-month profit showed an increase of over 1%, reaching 387.6 million Dh. Its revenue for the January-September 2023 period was recorded at 6.48 billion Dh, compared to 7.1 billion Dh in the same period the previous year.
Emirates Steel reduced its net bank debt from 1.1 billion Dh at the beginning of the year to 424 million Dh by the end of September.
The demand for steel and construction materials in the UAE continues to be high, attributed to a construction boom and developers initiating new projects.
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