Press releases, Reports & Disclosures for EMSTEEL BUILDING MATERIALS PJSC

The document includes reports and consolidated financial statements for EMSTEEL BUILDING MATERIALS PJSC, formerly known as Arkan Building Materials Company (Arkan) PJSC, for the year ending on 31 December 2023.

The Board of Directors of Emsteel Building Materials PJSC will hold its second meeting for the year 2024 at 03:00 pm on Tuesday, 5th March 2024. The agenda will include the approval of the audited financial statement for the year ended on 31 December 2023, a proposal regarding the Board of Directors’ remuneration for the same period, the appointment of the External Auditor for the year ending on 31 December 2024, determining the date and agenda for the Annual General Assembly Meeting, and any other business.

The text provides general information about EMSTEEL Building Materials P.J.S.C., a company based in Abu Dhabi, United Arab Emirates. The company was established on January 15, 2006, and has a paid-up and subscribed capital of 6,850,000,000 ordinary shares of one Dirham each. The Chairman of the Board is Hamad A. Al Hammadi, and the Group Chief Executive Officer is Saeed G. Al Remeithi. The Group Chief Financial Officer is Stephen J. Pope, and the company's external auditor is Deloitte & Touche (M.E.). The company's contact details are also provided. The text also mentions the unaudited preliminary results of the company for the year ended December 31, 2023.

Emirates Steel Arkan has reported an 18% increase in full-year net profit for 2023, rising to AED 601.9 million from AED 510.2 million in 2022. The company's EBITDA for 2023 was AED 1.26 billion, up 8% from the previous year. This financial growth is attributed to strong sales of value-added products in both domestic and international markets, increased operational efficiencies, and revenue optimisation. Despite global economic volatility, the Group recorded revenues of AED 8.9 billion in 2023. The Steel division contributed AED 8.03 billion in revenue and the Building Materials division contributed AED 871 million. The Group also reduced its net bank debt by 94% from AED 1.1 billion to AED 63 million. In Q4 2023, the company experienced a record-breaking EBITDA of AED 379.7 million, a 23% YoY increase.

The Board of Directors of Emsteel Building Materials (EMSTEEL) PJSC held its first meeting for the year 2024 on 12th February 2024. The board approved the preliminary unaudited results for the year ending on 31st December 2023 and discussed other business matters. The information is communicated by Eng. Saeed Ghumran Al Remeithi, the Group Chief Executive Officer of Emsteel Building Materials PJSC, to the Disclosure & Compliance Section of the Abu Dhabi Securities Exchange and the Securities and Commodities Authority (SCA).

The Board of Directors of Emsteel Building Materials PJSC will hold its first meeting of 2024 on Monday, 12 February at 3:15 pm. The agenda includes the approval of the unaudited financial statement for the year ending on 31 December 2023 and other business matters. The notification is addressed to the Disclosure & Compliance Section, Market Operation Surveillance Dept., Abu Dhabi Securities Exchange, and a copy is sent to the Securities and Commodities Authority (SCA).

Emirates Steel Arkan (EMSTEEL) has reported strong financial results for the first nine months of 2023, with revenues of AED 6.48 billion. This performance reflects the steel division's ability to adapt to adverse market conditions and the building materials division's continued revenue and profit growth. The company's EBITDA for the period was AED 884 million, up 3% from the same period in 2022. The steel division's revenue was AED 5.81 billion, and the building materials division's revenue was AED 670.7 million. The group's net profit for the period was AED 387.6 million. EMSTEEL also reduced its net bank debt by 61% to AED 424 million. Operational highlights include delivering the first order of the new U-type sheet piles product and becoming a member of the "ResponsibleSteel" initiative.

The consolidated financial statements for Emsteel Building Materials PJSC show a decrease in both total non-current and current assets from 31-Dec-22 to 30-Sep-23. Total non-current liabilities also decreased, while total shareholders' equity increased. The income statement reveals a decrease in total revenue but an increase in results from operations and net profit for the period from 30-Sep-22 to 30-Sep-23. The profit per share also increased slightly. The statements were presented by Group CEO Eng. Saeed G. Al Remeithi and Group CFO Stephen J. Pope.

The document is a report and condensed consolidated interim financial statements for EMSTEEL BUILDING MATERIALS PJSC, previously known as Arkan Building Materials Company (ARKAN) PJSC. The report covers the nine-month period ending on 30 September 2023.