Jazeera Steel
ATMI
ATMI
Al Jazeera Steel Products Company announced its financials on Tuesday, reporting outstanding performance for the first nine months of 2014, during which the Company generated a net income of $12.2 million, 3.1% higher than the entire net income of the year 2013 and 29.2% higher than that of the similar nine-month period of 2013.
Revenues for the nine-month period grew by 8.2%, jumping from $175.4 million in 2013 to $190.0 million in 2014, the Company revealed in its statement to the Muscat Securities Market (MSM).
Al Jazeera Steel is 51% owned by Global Buyout Fund, which in turn is managed by Global Investment House (KPSC).
Al Jazeera Steel maintains a strong balance sheet with an asset base of $207.8 million as at September 30, 2014, compared to $179.7 million as at the end of 2013, registering a growth of 15.6%. Shareholders’ equity rose by 5.9% from $96.7 million in 2013 to $102.4 million as at the end of September 2014.
Although steel markets have been extremely challenging in 2014 with volatile prices and unpredictable trends, the management team was strong enough to confront all these challenges through the efficient management of both purchases and inventory as well as the close monitoring of market dynamics, Global Investment House commented.
Commenting on the Company’s financials, Chairman of Al Jazeera Steel Products representing Global Buyout Fund Mr. Sulaiman Mohammed Al Rubaie said “We are proud to have another successful quarter for Al Jazeera Steel and its stakeholders. The company has achieved, for the third consecutive quarter this year, an outstanding performance breaking new annual records with tremendous growth potential backed by a relatively stable demand and a strong order book. These exceptional results could not have been achieved without the expert team of Al Jazeera Steel.”
Regarding the Company’s future strategy, Mr. Al Rubaie stated: “Al Jazeera Steel’s strong balance sheet will support its future growth plans and is expected to positively impact its business operations. We are now considering more growth opportunities with special focus on the Saudi market and are also planning to expand our North American markets. The aim of these growth initiatives is to grow the business at a faster pace as well as to diversify revenue sources, strengthening the overall performance and minimizing operational risks given the currently challenging steel markets.”
According to the Company’s statement, the Merchant Bar Mill (MBM) is expected to operate around the clock starting 2015, especially with the commissioning of the new rebar production line, which has already started producing hot trials. This is expected to further improve the performance going forward as it will increase the capacity utilization of the MBM unit, which currently stands at around 35% of its rated capacity, leaving huge growth potential.
It is worth noting that since the Global Buyout Fund’s team took control of the Company seven years ago, Al Jazeera Steel has been recording continuous growth in all aspects. Over this period, the Company witnessed the turnaround into profitability in 2010 and exceptional growth in the following years.
Revenues for the nine-month period grew by 8.2%, jumping from $175.4 million in 2013 to $190.0 million in 2014, the Company revealed in its statement to the Muscat Securities Market (MSM).
Al Jazeera Steel is 51% owned by Global Buyout Fund, which in turn is managed by Global Investment House (KPSC).
Al Jazeera Steel maintains a strong balance sheet with an asset base of $207.8 million as at September 30, 2014, compared to $179.7 million as at the end of 2013, registering a growth of 15.6%. Shareholders’ equity rose by 5.9% from $96.7 million in 2013 to $102.4 million as at the end of September 2014.
Although steel markets have been extremely challenging in 2014 with volatile prices and unpredictable trends, the management team was strong enough to confront all these challenges through the efficient management of both purchases and inventory as well as the close monitoring of market dynamics, Global Investment House commented.
Commenting on the Company’s financials, Chairman of Al Jazeera Steel Products representing Global Buyout Fund Mr. Sulaiman Mohammed Al Rubaie said “We are proud to have another successful quarter for Al Jazeera Steel and its stakeholders. The company has achieved, for the third consecutive quarter this year, an outstanding performance breaking new annual records with tremendous growth potential backed by a relatively stable demand and a strong order book. These exceptional results could not have been achieved without the expert team of Al Jazeera Steel.”
Regarding the Company’s future strategy, Mr. Al Rubaie stated: “Al Jazeera Steel’s strong balance sheet will support its future growth plans and is expected to positively impact its business operations. We are now considering more growth opportunities with special focus on the Saudi market and are also planning to expand our North American markets. The aim of these growth initiatives is to grow the business at a faster pace as well as to diversify revenue sources, strengthening the overall performance and minimizing operational risks given the currently challenging steel markets.”
According to the Company’s statement, the Merchant Bar Mill (MBM) is expected to operate around the clock starting 2015, especially with the commissioning of the new rebar production line, which has already started producing hot trials. This is expected to further improve the performance going forward as it will increase the capacity utilization of the MBM unit, which currently stands at around 35% of its rated capacity, leaving huge growth potential.
It is worth noting that since the Global Buyout Fund’s team took control of the Company seven years ago, Al Jazeera Steel has been recording continuous growth in all aspects. Over this period, the Company witnessed the turnaround into profitability in 2010 and exceptional growth in the following years.
Source:
Mubasher Exclusive
