Emirates Steel Arkan (ESA), the largest local steel producer and market leader in the United Arab Emirates (UAE), has announced its financial results for the first nine months of this year.
In the given period, the company reported a net profit of AED 387.6 million ($105.53 million), compared to a net profit of AED 383.2 million during the same period in 2022, while its total sales revenues totaled AED 6.48 billion ($1.76 billion), despite reductions in commodity prices. The increase in production and sale of value-added products for both the domestic and export markets along with the growth in construction activities supported the company’s total revenues.
In the January-September period, ESA’s EBITDA was AED 884 million ($240.68 million), rising by three percent year on year, while its EBITDA margin came to 13.6 percent, compared to 12.1 percent recorded in the same period of last year.
According to its statement, the company has successfully delivered its first new U-type sheet piles. This shows ESA’s unique position as the region’s sole producer of hot rolled sheet piles and provides an opportunity to attract new customers from different areas and increase market share and supply the sector with distinctive low-carbon products.
ESA has also inked a deal with Oman and Etihad Rail Company to expedite raw material exports from Oman to the UAE.
“We continue to work on realizing our decarbonization roadmap, aiming for a 40 percent reduction in carbon emissions by 2030 and achieving net zero emissions by 2050. This commitment involves leveraging our growing portfolio of low-carbon products, developing our cross-border supply chain, and fostering partnerships; enabling the Group to drive its decarbonization efforts forward,” ESA CEO Saeed Ghumran Al Remeithi stated.
