Dubai: The merger sure has worked – Emirates Steel Arkan’s 2022 net profit has soared to Dh508.5 million from losses of Dh744.63 million a year ago. The combined entity was created from Arkan Building Materials and Emirates Steel last year.

According to Hamad A. Al Hammadi, Chairman, “The first full year results of the Group clearly demonstrate the value of combining, which has created a UAE steel and building materials champion that is globally competitive. Despite the global economic headwinds, the increasing reach of our products is testament to consumers’ trust and preference for ‘Made in UAE’ products.

In a note, the company makes a point to state that 2022 and 2021 comparisons do not provide an accurate picture, because the latter numbers ‘don’t include pre-acquisition Emirates Steel performance’.

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