{"id":85874,"date":"2024-08-06T00:00:00","date_gmt":"2024-08-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/08\/06\/emirates-steel-arkans-net-income-falls-64-y-o-y-in-2q\/"},"modified":"2024-08-06T00:00:00","modified_gmt":"2024-08-06T00:00:00","slug":"emirates-steel-arkans-net-income-falls-64-y-o-y-in-2q","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/08\/06\/emirates-steel-arkans-net-income-falls-64-y-o-y-in-2q\/","title":{"rendered":"Emirates Steel Arkan\u2019s net income falls 64% y-o-y in 2Q"},"content":{"rendered":"

Emsteel\u2019s income <\/strong>falls<\/strong> 64%:<\/strong> Emirates Steel Arkan (Emsteel) saw its net income fall 64% y-o-y to AED 46.3 mn in 2Q 2024, according to its 1H financial statements (pdf)<\/a>. The company\u2019s revenues also fell 10% y-o-y to AED 1.82 bn in revenues. The company attributed the drop in performance to pressure on international steel markets as a result of geopolitical tensions and a slowdown in the Chinese economy that has impacted both export and domestic markets,\u201d according to its earnings release (pdf)<\/a>. <\/p>\n

On a six-month basis, <\/strong>Emsteel\u2019s bottom line dipped 38% y-o-y to AED 174.5 mn in 1H 2024. Revenues were down 11% y-o-y, falling to AED 3.96 bn during the period.<\/span><\/p>\n

The company was expecting a strong year: <\/strong>\u201cAs we look to 2024, our strategic focus revolves around boosting output, reducing costs, and surpassing our production targets. With a robust financial position, reduced debt and a commitment to sustainability, we approach the future with confidence, the company\u2019s Director and Group Chief Executive Officer Saeed Al Remeithi said<\/a> earlier this year.<\/p>\n

Looking ahead, <\/strong>Emsteel plans to \u201cremain vigilant in monitoring market dynamics to<\/p>\n

stay agile, continue to collaborate closely with downstream customers to meet their needs for value-added and low-carbon products\u2026 [and] maintain [its] commitment to supplying premium steel products, to landmark projects in the region, such as [Emsteel\u2019s] latest agreement with Eversendai<\/a> for the construction of the NEOM Trojena Ski Village,\u201d said Group CEO Saeed Ghumran Al Remeithi. <\/p>\n

ICYMI- Emsteel is already exploring low-carbon products: <\/strong>EmSteel Arkan and Japan\u2019s Itochu Corporation will launch a feasibility study to explore setting up a low-carbon iron processing plant<\/a> in Abu Dhabi. The project will be in collaboration with Japanese steel manufacturing firm JFE Steel and aims to produce 2.5 mm metric tons of reduced iron annually starting in 2027<\/p>\n","protected":false},"excerpt":{"rendered":"

The company\u2019s revenues also fell 10% y-o-y to AED 1.82 bn.<\/p>\n","protected":false},"author":1,"featured_media":85875,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[106],"tags":[105,316,11,52],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-emirates-steel","tag-enterpriseclimate","tag-uae","wpautop","entry"],"acf":{"mongo_id":"9a32a24f-4fb9-4032-89c1-ce31e1372192","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/441.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Emirates Steel Arkan\u2019s net income falls 64% y-o-y in 2Q","related_issue":[85860],"teaser":"The company\u2019s revenues also fell 10% y-o-y to AED 1.82 bn.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.23338f91-87d4-4bb1-a815-7524537fa8e1.mp3"},"yoast_head":"\nEmirates Steel Arkan\u2019s net income falls 64% y-o-y in 2Q - 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