Abu Dhabi – Mubasher: Arkan Building Materials posted an audited net loss of AED 82 million, according to a statement.
“This one-off book loss does not change the fundamentals of Arkan business,” according to the company’s chairman, Jamal Al Dhaheri.
Arkan will write down the full value of Emirates Cement Factory (ECF) that it holds in its accounts in the 2016 statements. The company’s board decided on Tuesday to permanently close the factory.
The company seeks to explore ways to dispose of the plant in the near future and realise the highest value possible, Al Dhaheri added.
“Arkan has made a good start to 2017, especially in the penetration of new markets both locally and overseas,” Al Dhaheri said, adding that “the newly innovative, launched products allowed further export opportunities to new destinations such as South East Asia and Central Africa.”
