Abu Dhabi - Mubasher: Arkan Building Materials Company recorded net losses of AED 29.19 million during the first nine months of 2021, up from AED 3.71 million in the year-ago period.
The company's revenues increased to AED 591.16 million in the January-September period of 2021 from AED 581.01 million in the same period of the earlier year, according to a press release on Wednesday.
These results reflect the financial period before the completion of Arkan’s combination with Emirates Steel on 4 October 2021 to create the UAE’s largest steel and building materials company.
The Chairman of Arkan, Jamal Salem Al Dhaheri, said: "Our measures in late 2020 to drive cost efficiencies have delivered results in 2021 and supported Arkan’s operational resilience. The strategic combination between Arkan and Emirates Steel is elevating the Group’s ability to grow and unlock untapped opportunities in the UAE and internationally."
It is noteworthy to mention that during the first half (H1) of 2021, the company recorded net losses of AED 23.24 million, against net profits of AED 2.127 million in the year-ago period.