Abu Dhabi - Mubasher: Arkan Building Materials Company has recorded net losses of AED 23.24 million during the first half (H1) of 2021, against net profits of AED 2.127 million in the year-ago period, as shown by the company's consolidated interim financials for the six-month period ended 30 June 2021.

Turning to losses is attributed to the slow construction market, which has continued to be severely affected by the coronavirus (COVID-19) pandemic, higher raw material prices, and a reduction in average selling prices. 

The company generated revenues of AED 418.083 million in H1-21, up 7.9% from AED 387.426 million in H1-20, driven by a rise in the sale of clinker to export markets and in dry mortar sales. 

The losses per share settled at AED 0.013 in the January-June period of 2021, against the earnings per share (EPS) of AED 0.001 in the corresponding period of 2020.

The Chairman of Arkan, Jamal Salem Al Dhaheri, said: "Recognising the challenges in the local market, our management team continues to drive revenue growth by opening new export markets as well as develop new products, in collaboration with local universities, that address our customers’ evolving requirements."