The results showed comprehensive flexibility in adapting to various aspects of the group’s work, which contributed to the stability of the unit’s work Iron (Emirates Steel) as well as the improvement in the profitability of the building materials business unit (Cement). The UAE).
Highlights of financial results during the first nine months of 2024:
- “I kept”Emsteel“During the first nine months of 2024, at the same rates of iron production that it achieved in the same period in 2023, the group’s total revenues recorded 5.9 billion dirhams (about 1.6 billion dollars), a decrease of 9 percent from 6.5 billion dirhams (about 1.8 billion dollars). dollars) recorded in the first nine months of 2023. This decline in revenues is due to the impact of several factors and shifts in the market, including fluctuations in global iron prices, increasing competition, and evolving demand patterns affected by the instability of the prevailing economic conditions in key markets. .
- Emsteel Group’s profit margins were affected by the influx of competitively priced Chinese steel products through the GCC countries and the group’s main export destinations such as Europe And the United States of America.
- The company’s profits in 9 months, before deducting interest, taxes, depreciation and amortization, recorded 652 million dirhams, achieving an EBITDA margin of 11 percent, compared to 13.6 percent in 2023. The group’s net profits before deducting taxes achieved 101 million UAE dirhams.
- The revenues of the Emirates Steel business unit amounted to 5.34 billion dirhams during the first nine months of the year, achieving profits, before tax, of 20 million dirhams. and performance is affected.”Emirates SteelDue to the difficult conditions in global markets, as well as due to the allocation of 83 million dirhams to deal with a legal case that has not yet been finally resolved.
- The revenues of the group’s “Emirates Cement” business unit amounted to 537 million UAE dirhams during the first nine months of 2024, recording profits, before tax, of 81 million dirhams. The net profit margin of “Emirates Cement” increased by 15 percent, compared to about 14 percent during The first nine months of 2023.
- At the end of the third quarter of 2024, the Group maintained a strong cash position of AED 623 million in cash, compared to AED 426 million on December 31, 2023.
Highlights of operational results during the first nine months of 2024:
- The group received five prestigious titles from the “Emirates Industry 4.0 Program” from the Ministry of Industry and Advanced Technology in the United Arab Emirates, in recognition of its leadership in using advanced technologies to enhance performance and innovation, and its firm commitment to supporting digital transformation in the steel industry sector.
- In September 2024, the Emsteel Group was selected to co-chair the Global Alliance for the Decarbonization of the Steel Industry, managed by the International Renewable Energy Agency (IRENA). Emsteel, in partnership with Siemens Energy, will chair this global alliance, replacing Tata Steel in this important leadership role.
In this context, the engineer said Saeed Al Rumaithi, CEO of Emsteel Group“During the first nine months of 2024, the Emsteel Group continued to demonstrate high levels of flexibility and adaptability in responding to market challenges that led to pressure on steel prices, including the decline in global demand for iron, geopolitical and economic challenges, in addition to… To the flow of Chinese iron exports to the region’s markets.”
Al Rumaithi stressed the group’s constant focus on innovation and sustainability, adding: “We have a firm commitment to providing advanced solutions to the market and promoting low-carbon products throughout the sector, and this is embodied by our joint pilot project with “Masdar” to produce sustainable steel using green hydrogen, which we are proud of. An important step in strategies to decarbonize a sector whose emissions are difficult to reduce, and we will continue to work on forging strategic partnerships and pioneering innovative solutions to build a better world for all.”
