Abu Dhabi - Mubasher: Arkan Building Materials Company recorded net losses of AED 3.71 million during the first nine months of 2020, against net profits of AED 36.13 million in the corresponding period of 2019.

The company's revenues declined to AED 581.02 million in the January-September period of 2020 from AED 675.5 million in the corresponding period of 2019, according to the company's consolidated interim financials for the period ended on 30 September 2020.

Lower revenues are driven by a decrease in cement sales volumes and falling prices due to the economic impact of the coronavirus (COVID-19) pandemic on the construction sector. 

The basic and diluted loss per share settled at AED 0.002 in the first nine months of 2020, versus AED 0.021 in the same period of 2019.

The Chairman of Arkan, Jamal Salem Al Dhaheri, said: "Whilst this unprecedented time has tested the resilience of many organizations, I am proud of the perseverance Arkan has exhibited and its agile response to these extremely challenging market conditions."

It is noteworthy to mention that in the first half (H1) of 2020, the company showed AED 2.1 million net profits, down from AED 8.5 million in the corresponding period of 2019.