Press releases, Reports & Disclosures for EMSTEEL BUILDING MATERIALS PJSC

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.

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.