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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.
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).
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.
The document is a review report and condensed interim consolidated financial statements for TECOM Group PJSC and its subsidiaries, covering the six-month period ending on June 30, 2024.
Union Properties PJSC reported a net profit of AED 18.3 million for Q2 2024, demonstrating strong performance driven by effective operational strategies and cost management. The company's revenue from contractual engagements increased by 7.6% to AED 128 million compared to Q2 2023. Subsidiaries contributed significantly, with a gross profit of AED 52.6 million in H1 2024, a 15% increase from the same period in 2023. Financial costs were reduced from AED 56 million in 2023 to AED 15 million in 2024 due to debt restructuring. The company achieved an accumulated profit of AED 34.8 million in H1 2024, doubling from AED 17.7 million in H1 2023. Additionally, a subsidiary is considering acquiring an outsourcing company to enhance asset value and profitability.