Press releases, Reports & Disclosures for EMSTEEL BUILDING MATERIALS PJSC

On 7th May 2024, Emsteel Building Materials PJSC held its 3rd board of directors meeting. The board approved the financial statement for the first quarter of 2024 and discussed other business matters. The meeting was held at 03:15 pm. The information was disclosed to the Market Operation Surveillance Department at the Abu Dhabi Securities Exchange and a copy was sent to the Securities and Commodities Authority (SCA). The notification was signed by Eng. Saeed Ghumran Al Remeithi, the Group Chief Executive Officer of Emsteel Building Materials PJSC.

EMSTEEL Building Materials PJSC, previously known as Arkan Building Materials Company (Arkan) PJSC, has released its condensed consolidated interim financial statements for the three-month period ending on March 31, 2024.

The consolidated financial statements from Emsteel Building Materials PJSC, based in Abu Dhabi, United Arab Emirates, reveal a decrease in total non-current assets from AED 6,909,306 thousand in Dec 2023 to AED 6,746,048 thousand in Mar 2024. Total current assets increased from AED 4,119,506 thousand to AED 4,357,345 thousand within the same period. Total non-current liabilities and total current liabilities slightly increased, while total shareholders' equity rose from AED 8,332,436 thousand to AED 8,460,660 thousand. The income statement showed a decrease in total revenue from AED 2,405,550 thousand in Mar 2023 to AED 2,136,199 thousand in Mar 2024. Net profit before tax for the period decreased from AED 152,178 thousand to AED 140,424 thousand, with a net profit after tax of AED 128,224 thousand in Mar 2024 compared to AED 152,178 thousand in Mar 2023. The profit per share also decreased from AED 0.022 to AED 0.019. The statements were provided by Eng. Saeed G. Al Remeithi, Group CEO, and Stephen J. Pope, Group CFO of Emsteel Building Materials PJSC.

Emirates Steel Arkan, a leading steel and building materials manufacturer, has reported a revenue of AED 2.14 billion and EBITDA of AED 294 million for Q1 2024. Despite challenging global market conditions, the company maintained a strong performance due to a robust UAE domestic market. However, a slowdown in the Chinese economy and a lack of investor confidence in Europe affected steel prices and increased freight costs due to regional geopolitical challenges. This led to an 8% YoY decrease in net profit before tax. The company has also entered a memorandum with Omani counterparts to explore a green metal project and has been recognized as a 2024 Steel Sustainability Champion by the World Steel Association.

The Group Chief Executive Officer of Emsteel Building Materials PJSC, Eng. Saeed Ghumran Al Remeithi, has announced that the company's Board of Directors will hold its 3rd meeting for the year 2024 on Tuesday, 7th May 2024, at 03:15 pm. The meeting's agenda includes the approval of the financial statement for the first quarter of 2024 and other business matters. The announcement was made on 2nd May 2024 and was addressed to the Disclosure & Compliance Section of the Abu Dhabi Securities Exchange. A copy of the notice was also sent to the Securities and Commodities Authority (SCA).

The text provides an overview of the 2023 Sustainability Report for EMSTEEL. It covers various aspects such as materiality, stakeholders, social factors, governance, production, and the environment. The report is likely to discuss the company's performance in these areas, its impact on society and the environment, as well as its governance and production practices.

The consolidated financial statements for Emsteel Building Materials PJSC, based in Abu Dhabi, United Arab Emirates, show a decrease in total non-current assets from AED 7,391,542,000 in 2022 to AED 6,909,306,000 in 2023. Total current assets slightly increased from AED 4,079,826,000 in 2022 to AED 4,119,506,000 in 2023. Total non-current liabilities and total current liabilities decreased from AED 785,292,000 and AED 2,957,703,000 in 2022 to AED 533,789,000 and AED 2,162,587,000 in 2023 respectively. Total shareholders' equity increased from AED 7,728,373,000 in 2022 to AED 8,332,436,000 in 2023. Total revenue decreased from AED 9,452,642,000 in 2022 to AED 8,899,393,000 in 2023, but net profit increased from AED 510,205,000 in 2022 to AED 601,916,000 in 2023. The profit per share also increased from AED 0.074 in 2022 to AED 0.088 in 2023. The statements are signed by Eng. Saeed G. Al Remeithi, Group CEO, and Stephen J. Pope, Group CFO of Emsteel Building Materials PJSC.

The Emsteel Building Materials PJSC board of directors held its second meeting of 2023 on Tuesday, March 5, 2024. The board approved the audited financial statements for the financial year ending on December 31, 2023, the board of directors' remuneration, and the appointment of the external auditor. They also approved the agenda for the Annual General Assembly meeting, which will be held on Tuesday, April 23, 2024, at 03:30 pm at Emirates Steel Industries offices and virtually, subject to SCA approval.