Abu Dhabi – Mubasher: EMSTEEL Building Materials delivered total revenues of AED 8.33 billion in 2024, approximately 6% lower than the AED 8.89 billion reported for 2023.
This decrease was attributed to various factors, including fluctuations in global steel prices, increased competition, and changing demand trends driven by economic uncertainties in key markets.
Earnings per share (EPS) retreated to AED 0.05 last year from AED 0.08 in 2023, while the net profits after tax dropped to AED 392.39 million from AED 601.91 million.
As of the end of 2024, the group maintained a robust liquidity position, with AED 823 million cash in hand compared to AED 426 million as of 31 December 2023.
Hamad Al Hammadi, Chairman of EMSTEEL, said: “2024 has been a year of transformation for EMSTEEL. With the evolution of our corporate identity and our key business divisions, our team has demonstrated exceptional adaptability and focus, enabling us to deliver innovative solutions and services, and to continue creating value for our stakeholders.”
Saeed Ghumran Al Remeithi, Group CEO of EMSTEEL, commented: “In 2024, EMSTEEL demonstrated resilience in navigating a dynamic and challenging market environment. Despite these headwinds, we remain committed to innovation, sustainability and accelerating the adoption of low-carbon solutions.”
In the first half (H1) of 2024, the ADX-listed group posted net profits valued at AED 174.47 million, down year-on-year (YoY) from AED 280.47 million.
