Emirates Steel announces revenue of Dh3.96 billion

According to Amac News: Emirates Steel Arkan said that in addition to revenue, it had an EBITDA of 503 million dirhams.
In its report, Emirates Steel Arkan said that despite the challenging conditions affecting the export and domestic markets, the group has delivered a stable performance during the first half of 2024.
International steel markets are under pressure mainly due to the slowdown in the Chinese economy and global geopolitical uncertainty.
The group's total revenue is 3.96 billion dirhams, which is almost 10% lower than 4.43 billion dirhams in the first half of 2023.
EBITDA in the first half of 2024 was 503 million dirhams, while the group's net profit before tax was 191 million dirhams.
The revenue from the steel sector in the first half of 2024 amounted to 3.60 billion dirhams, which generated a profit before tax of 140 million dirhams.
The income of the construction materials sector in the first half of 2024 was 353 million dirhams, with a profit before tax of 51 million dirhams.
The group's performance shows its flexibility in challenging market conditions. In particular, the group's ongoing cost reduction and transformation program resulted in incremental EBITDA growth of AED 78 million in the first half of 2024.
During the half year, the group further improved its cash position and by the end of the first half of 2024, the group had 610 million dirhams in cash on hand.
The group has been recognized as a 2024 Steel Sustainability Champion by the World Steel Association for its pioneering efforts to decarbonize steel production during 2023.
The group's efforts have been praised by the World Economic Forum for its outstanding efforts in decarbonizing the iron and steel industry, placing it among the top five steel companies worldwide to receive this recognition.
The group continues to continuously upgrade its current assets to meet the evolving needs of the market and meet the increasing demand for higher grade steel.