EMSTEEL BUILDING MATERIALS PJSC

Logotype for EMSTEEL BUILDING MATERIALS PJSC
Ticker/ISIN
ARKAN
AEA002801016
Market/Country
Abu Dhabi Stock Exchange
United Arab Emirates

About EMSTEEL BUILDING MATERIALS PJSC

Emirates Steel Arkan is one of the Middle East’s leading steel and building materials producers. We have global scale, exporting to over 70 countries, while at home our steel and building materials have been used in some of the UAE’s most iconic construction projects, including Burj Khalifa and Yas Island. Strong cash generation, disciplined cost management, access to growth markets as well as competitive advantage of high-quality low-carbon steel products allows Emirates Steel Arkan to deliver long-term value to all stakeholders. Diversified Emirates Steel Arkan business plays a leading role in the implementation of the UAE Industrial Strategy ‘Operation 300bn’.

Latest Pressrelease Summaries from 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.

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News Update From EMSTEEL BUILDING MATERIALS PJSC

Disclosures: EMSTEEL BUILDING MATERIALS COMPANY PJSC Resolution by Circulation issued by the Board of Directors of the Company

The Board of Directors of EMSTEEL Building Materials Company PJSC issued a resolution by circulation on September 17, 2024. This decision was made in accordance with relevant federal and company laws and regulations. The Directors unanimously agreed that the matter was urgent, necessitating a resolution without a physical meeting. The resolution calls for inviting the Company’s General Assembly to convene on October 22, 2024, to elect new Board members. The Directors have signed this resolution as documented.

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News Update From EMSTEEL BUILDING MATERIALS PJSC

Disclosures: EMSTEEL BUILDING MATERIALS PJSC By Circulation of Board Meeting to be held on 17/09/2024 at 15:30

On 12 September 2024, Emsteel Building Materials PJSC notified the Disclosure & Compliance Section and Market Operation Surveillance Department of the Abu Dhabi Securities Exchange that its Board of Directors will issue a resolution by circulation on 17 September 2024. The agenda includes considering the convening of the Company’s General Assembly to elect new members of the Board of Directors. The notification was signed by Eng. Saeed Ghumran Al Remeithi, Group Chief Executive Officer of EMSTEEL Group. A copy was also sent to the Securities and Commodities Authority (SCA).

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News Update From EMSTEEL BUILDING MATERIALS PJSC

Disclosures: EMSTEEL BUILDING MATERIALS PJSC General Press Release

Emirates Steel Arkan has appointed Mark J.S. Tonkens as the new Group Chief Financial Officer (GCFO), effective September 2, 2024. Mark Tonkens previously served as CFO at BME - Building Materials Europe and has held senior financial positions at Borealis and Philips. He will replace Stephen J. Pope, who will transition to a strategic advisory role within the Group CEO Office after 17 years with the company. The company highlights Stephen's significant contributions, including guiding the Group through a merger and public listing. CEO Eng. Saeed Ghumran Al Remeithi expressed gratitude for Stephen's leadership and looks forward to Mark's expertise driving future financial strategies. Emirates Steel Arkan aims to continue its growth and enhance shareholder value under Tonkens' leadership. The company is a major UAE steel and building materials manufacturer, supplying local and international markets and supporting the UAE's industrial strategy.

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News Update From EMSTEEL BUILDING MATERIALS PJSC

Disclosures: EMSTEEL BUILDING MATERIALS PJSC Announcements

The document is a formal notification from Emsteel Building Materials PJSC, addressed to the Disclosure & Compliance Section of the Abu Dhabi Securities Exchange. It announces the appointment of Mr. Mark J.S. Tonkens as the new Group Chief Financial Officer (GCFO) of the company, effective from 02 September 2024. The notification is signed by Eng. Saeed Ghumran Al Remeithi, the Group Chief Executive Officer of Emsteel Building Materials PJSC. A copy of the notification has also been sent to the Securities and Commodities Authority (SCA).

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News Update From EMSTEEL BUILDING MATERIALS PJSC

Disclosures: EMSTEEL BUILDING MATERIALS PJSC General Press Release

Emirates Steel Arkan reported AED 3.96 billion in revenue and AED 503 million in EBITDA for the first half of 2024. Despite challenging market conditions, including a slowdown in the Chinese economy and global geopolitical uncertainties, the Group maintained production volumes similar to H1 2023 by redirecting some international exports to the UAE market. Revenue was approximately 10% lower than the AED 4.43 billion recorded in H1 2023. The Steel division generated AED 3.60 billion in revenue with a profit before tax of AED 140 million, while the Building Materials division earned AED 353 million with a profit before tax of AED 51 million. The Group's cost reduction and transformation program added AED 78 million to EBITDA. The Group improved its cash position to AED 610 million by the end of H1 2024, up from AED 426 million at the end of 2023. Strategically, the Group was recognized for its sustainability efforts by the World Steel Association and the World Economic Forum, and received awards for sustainable manufacturing and industrial contributions at the Make it in the Emirates Awards 2024. The Group continues to upgrade its assets to meet market demands for higher-grade steel.

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News Update From EMSTEEL BUILDING MATERIALS PJSC

Disclosures: EMSTEEL BUILDING MATERIALS PJSC Board Meeting Results held on 01/08/2024 at 15:00

The Board of Directors of Emsteel Building Materials PJSC (EMSTEEL) held its fourth meeting for the year 2024 on August 1st, 2024. During this meeting, the Board approved the financial statement for the first half of the year 2024 and discussed other business matters. The notification was addressed to the Disclosure & Compliance Section of the Market Operation Surveillance Department at the Abu Dhabi Securities Exchange and was signed by Eng. Saeed Ghumran Al Remeithi, Group Chief Executive Officer of Emsteel Building Materials PJSC. Copies were also sent to the Securities and Commodities Authority (SCA).

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News Update From EMSTEEL BUILDING MATERIALS PJSC

Disclosures: EMSTEEL BUILDING MATERIALS PJSC Financial Results for the Period Ended June 30,2024

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Disclosures: EMSTEEL BUILDING MATERIALS PJSC Financial Results Summary for the Period Ended June 30,2024

The consolidated financial statements for EMSTEEL Building Materials PJSC show the following key elements: **Statement of Financial Position (as of June 30, 2024):** - Total Non-Current Assets: AED 6,705,634,000 - Total Current Assets: AED 4,326,068,000 - Total Non-Current Liabilities: AED 582,878,000 - Total Current Liabilities: AED 1,941,914,000 - Total Shareholders' Equity: AED 8,506,910,000 **Income Statement (for the period ending June 30, 2024):** - Total Revenue: AED 3,956,749,000 - Results from Operations: AED 220,369,000 - Net Profit before Tax: AED 191,261,000 - Taxation: AED 16,787,000 - Net Profit after Tax: AED 174,474,000 - Profit per Share: AED 0.025 The financial statements are presented by Eng. Saeed G. Al Remeithi, Group CEO, and Stephen J. Pope, Group CFO.

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News Update From EMSTEEL BUILDING MATERIALS PJSC

Disclosures: EMSTEEL BUILDING MATERIALS PJSC Announcement of Board Meeting to be held on 01/08/2024 at 15:00

Date: 26 July 2024 Ref: Emsteel-GCEO-ADX-020 To: Disclosure & Compliance Section, Market Operation Surveillance Dept., Abu Dhabi Securities Exchange Subject: Notice of the 4th Board Meeting of Emsteel Building Materials PJSC for the year 2024 The Board of Directors of Emsteel Building Materials PJSC (Emsteel) will hold its 4th meeting for the year 2024 at 3:00 PM on Thursday, 01 August 2024. The agenda includes: 1. Approval of the financial statement for the first half of the year 2024. 2. Other business. Regards, Eng. Saeed Ghumran Al Remeithi Group Chief Executive Officer of Emirates Steel Arkan Copy to: Securities and Commodities Authority

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News Update From EMSTEEL BUILDING MATERIALS PJSC

Disclosures: EMSTEEL BUILDING MATERIALS PJSC AGM Minutes held on 23/04/2024 at 15:30

The Annual General Assembly of Emsteel Building Materials PJSC was held on Tuesday, April 23rd, 2024 at 3:30 pm at the company's offices in Abu Dhabi. The meeting was conducted through physical and remote attendance. Registration for shareholders was open from 3:30 pm on Monday, April 22nd, 2024, and closed at 3:30 pm on Tuesday, April 23rd, 2024. Shareholders representing 87.72% of the company's share capital, equivalent to 6,009,135,655 shares, registered for the meeting. The assembly discussed the topics listed on the meeting agenda and made appropriate decisions. Attendees included H.E. Hamad Abdulla Mohamed Alhammadi (Chairman), Eng. Saeed Ghumran Saeed Alremeithi (Board Member and Group CEO), Eng. Abdulaziz Abdulla Ismail Alhajri (Board Member), and Mr. Nabeel Qadir (Board Member).

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