ABU DHABI: Emirates Steel Arkan, a leading steel producer in the UAE, announced on Tuesday that it achieved a net profit of AED 601.9 million in 2023, an increase of 18% from AED 510.2 million in 2022. The company attributed the growth to higher sales volumes, improved product mix, and operational efficiency.

The company also reported an 8% rise in earnings before interest, taxes, depreciation, and amortization (EBITDA) to AED 1.26 billion in 2023, compared to AED 1.17 billion in 2022. The EBITDA margin was 25%, reflecting the company’s strong performance and resilience amid the challenging market conditions caused by the COVID-19 pandemic.

Emirates Steel Arkan’s chairman, Saeed Al Remeithi, said that the company’s results demonstrate its ability to adapt to the changing environment and deliver value to its shareholders, customers, and stakeholders. He added that the company is committed to pursuing its strategic objectives of enhancing its product portfolio, expanding its regional and international presence, and investing in innovation and sustainability.

Emirates Steel Arkan’s chief executive officer, Yousuf Al Nowais, said that the company’s focus on operational excellence, cost optimization, and customer satisfaction enabled it to achieve record sales volumes of 3.8 million tons in 2023, up by 9% from 2022. He also said that the company launched new products and services, such as the first-of-its-kind steel slag recycling plant in the region, to diversify its revenue streams and reduce its environmental impact.

Emirates Steel Arkan is listed on the Abu Dhabi Securities Exchange (ADX) under the ticker EMSTEEL. The company is a subsidiary of General Holding Corporation (Senaat), which is part of ADQ, one of the largest holding companies in the region. Emirates Steel Arkan operates two integrated steel plants in Abu Dhabi and Al Ain, with a total production capacity of 3.5 million tons per year. The company offers a wide range of steel products, including rebar, wire rod, heavy sections, sheet piles, and pipes, for various sectors such as construction, oil and gas, infrastructure, and industrial. The company also exports its products to more than 40 countries across the Middle East, Africa, Asia, and Europe.

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