Abu Dhabi - Mubasher: Emirates Steel, General Holding Corporation’s (SENAAT) unit, reported a 22% increase in revenues during the full-year 2017, registering AED 6.6 billion, compared to AED 5.4 billion a year earlier.
The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew 12%, while its production rose to over 3.2 million tonnes in the last four quarters from 3.1 million in the year before.
“The positive results achieved by Emirates Steel in 2017 clearly indicate the success of the company’s resilient business model, despite the challenges faced by the metals and steel industry globally,” Emirates Steel’s CEO Saeed Ghumran Al Remeithi said.
About 20% of the produced amount was exported to 40 countries, while the remaining 80% was consumed in the UAE, the steel producer revealed.
“The increasing demand for Emirates Steel’s products in the international markets is a testament to their high quality, which will open further doors for entering new emerging and developed markets,” Al Remeithi commented.
