Press releases, Reports & Disclosures for EMSTEEL BUILDING MATERIALS PJSC

EMSTEEL, a major steel and building materials manufacturer, reported AED 5.9 billion in revenues for the first nine months of 2024, a 9% decrease from the same period in 2023. The decline is attributed to global steel price fluctuations, increased competition, and economic uncertainties. The company faced profitability challenges due to low-priced Chinese steel exports affecting key markets. EMSTEEL's EBITDA was AED 645 million with an 11.0% margin, and net profit before tax was AED 101 million. The Emirates Steel division generated AED 5.34 billion in revenue but faced adverse market conditions and a legal claim provision. Emirates Cement's revenue was AED 537 million, with an increased net profit margin of 15%. EMSTEEL maintained a strong liquidity position with AED 623 million in cash. Strategically, the Group received five "UAE Industry 4.0 Digital Leader" titles and was appointed co-chair of the Alliance for Industry Decarbonisation, alongside Siemens Energy.

EMSTEEL, a major steel and building materials manufacturer in the UAE, reported AED 5.9 billion in revenues for the first nine months of 2024, a 9% decrease from the same period in 2023. The decline is attributed to global market fluctuations, increased competition, and economic uncertainties. The company's EBITDA was AED 645 million, with a margin of 11.0%, down from 13.6% in 2023. The Emirates Steel division generated AED 5.34 billion in revenue but faced challenges due to market conditions and a legal provision, resulting in a profit before tax of AED 20 million. Meanwhile, the Emirates Cement division reported AED 537 million in revenue and a profit before tax of AED 81 million, with an improved net profit margin of 15%. EMSTEEL maintained a strong liquidity position with AED 623 million in cash as of Q3 2024. The company received recognition for digital transformation efforts and was appointed co-chair of the Alliance for Industry Decarbonisation.

On 31st October 2024, the Board of Directors of EMSTEEL Building Materials PJSC held their fifth meeting of the year. During this meeting, they approved the financial results for the first nine months of 2024 and discussed other business matters. The notification of these resolutions was sent to the Disclosure & Compliance Section and the Market Operation Surveillance Department of the Abu Dhabi Securities Exchange, with a copy also sent to the Securities and Commodities Authority. The communication was signed by Eng. Saeed Ghumran Al Remeithi, the Group Chief Executive Officer of EMSTEEL.

On 28 October 2024, the Board of Directors of EMSTEEL Building Materials PJSC held a meeting where they elected H.E. Hamad Abdulla Mohamed Al Hammadi as the Chairman and Mr. Ahmed Ali Al Shamsi as the Vice Chairman of the Board. Additionally, the Audit and Risk Committee was formed with Mr. Abdulaziz Abdulla Al Hajri as the Committee Chairman, and Mrs. Fatima Abdulla Al Fahim and Mr. Nabeel Qadir as Committee Members.

The Board of Directors of EMSTEEL Building Materials PJSC is scheduled to meet on October 28, 2024, at 5:15 PM. The agenda includes the election of the Chairman and Vice-Chairman of the Board and the formation of the Board's committees. This notification is from Eng. Saeed Ghumran Al Remeithi, Group CEO of EMSTEEL, and a copy has been sent to the Securities and Commodities Authority.

The General Assembly Meeting of EMSTEEL Building Materials PJSC took place on 22 October 2024 from 3:30 pm to 3:50 pm, chaired by Hamad Abdulla Mohamed Al Hammadi. The meeting was conducted both physically and electronically via video conference, with a quorum attendance of 87.73% through electronic voting. The assembly elected the following individuals as members of the Board of Directors for a three-year term: Hamad Abdulla Mohamed Alshorafa Alhammadi, Saeed Ghumran Saeed Salem Al Remeithi, Abdulaziz Abdulla Ismail Mohamed Alhajri, Nabeel Qadir, Fatima Abdulla Mohamed Sharif Abdulla Alfahim, Farah Abdulla Mohamed Al Mazrui, and Ahmed Ali Muhammad Ali Al Shamsi. No special decisions or resolutions were made.

EMSTEEL Building Materials P JSC has announced the list of candidates for its Board of Directors following the opening of nominations on September 30, 2024. These candidates will be presented to shareholders at the Extraordinary General Assembly Meeting on October 22, 2024. The candidates include H.E. Hamad Abdulla Mohamed Alshorafa Alhammadi, Mr. Abdulaziz Abdulla Ismail Mohamed AlHajri, Mr. Saeed Ghumran Saeed Salem AlRumeithi, Mrs. Fatima Abdulla Mohamed Sharif Al Fahim, Mrs. Farah Abdulla Mohamed Ali Almazrui, Mr. Ahmed Ali Mohamed Ali Alshamsi, Mr. Omar Saeed Jumaa Al Shaikh Alromaithi, Mr. Nabeel Kader, and Mr. Omer Elhussein Babiker Idris.

Emsteel Building Materials P.J.S.C, a public joint stock company, has announced the opening of nominations for membership on its Board of Directors. The nomination period runs from Monday, September 30, 2024, to Thursday, October 10, 2024. Interested candidates who meet the nomination criteria should submit their applications electronically via email to ir@emsteel.com, including a profile and supporting documents, and specifying the type of membership they are applying for (Executive Member, Non-Executive Member, or Independent Member). There are seven vacant seats available on the Board. The nomination period is open for 10 days in accordance with Article 9 of the Chairman of Authority’s Board.

The Board of Directors of Emsteel Building Materials PJSC invites shareholders to attend the general assembly meeting at Emirates Steel Industries in Musaffah, Abu Dhabi, UAE. Shareholders can also participate remotely via an electronic link provided through SMS or email upon online registration. The meeting will be held at 3:30 PM on Tuesday, October 22, 2024, to discuss the agenda and vote on proposed resolutions. The main agenda item is the election of the members of the Board of Directors. Shareholders who have the right to attend may delegate someone else, excluding Board members, company employees, or brokerage firms, with a special written power of attorney. The attorney must not represent more than 5% of the company’s capital.