UAE's biggest building
materials company is reaping post-merger gains
Dubai: Abu Dhabi’s Emirates Steel Arkan – the biggest listed
building materials company in the UAE – generated revenues of Dh2.04 billion in
the first three months of 2022 against Dh233.5 million a year ago. The gains
were led by a combination of factors, notably the merger that was completed
late last year with Arkan Building Materials.
Plus, there is also
the firming up in building commodity prices. Net profit has shot up to Dh72.6
million from Dh1.2 million. “The foresight of the merger of Emirates Steel and
Arkan and the impact of the management changes we made are clearly evident in
the strong financial metrics that the merged entity has delivered in the first
quarter,” said Hamad Abdulla Mohamed AlShorafa Alhammadi, Chairman. “The
Group’s management has made great strides in enhancing efficiency and unlocking
the full potential of the combined entity.”
On a stand-alone basis,
Emirates Steel had a net profit of Dh61.1 million, which itself is a a 265 per
cent increase on Q1-21, through ‘higher exports of rebar, sections and sheet
piles to regions including Asia and North America’.
Organisational
fix
In the first quarter,
the company ran a programme to enhance the organisational structure of the
group to ‘accelerate the integration, find new synergies and bring about
greater efficiencies’.
It appointed the
global sustainability advisory firm, ENGIE Impact, to assess Emirates Steel
Arkan’s footprint and create a detailed road map to accelerate the ‘Carbon Net
Zero’ transition. In the coming quarters, Emirates Steel will also begin
marketing ES600, a new light-weight ultra-high-strength rebar, designed to
allow its construction customers to build more with less raw materials, thereby
reducing the carbon footprint of construction projects.
"Despite an increase in geopolitical tensions, the outlook for the second
quarter is favourable and the efforts we have made to improve the performance
of our business units will continue to provide opportunities for further
growth," said Saeed Ghumran Alremeithi, Group CEO.
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