Mubasher: Emirates Steel achieved a growth of 15% in revenues to AED 7.5 billion during fiscal year 2018 when compared to AED 6.6 billion in the prior fiscal year, according to a recent press release.
Emirates Steel, a subsidiary of the General Holding Corporation (SENAAT), recorded a surge of 44% in earnings before interest, tax, depreciation and amortisation (EBITDA) to AED 1 billion in FY18 compared to AED 678 million in FY17.
The only integrated steel plant in the UAE has reduced its debt to equity ratio by 9% to 47% in FY18 compared to 56% in the previous fiscal year.
“While we foresee challenges in 2019, including the slowdown of the regional construction sector, surge in Iron Ore prices, drop in sales prices, market volatility, market protectionism, we remain focused on increasing sales revenues and reducing direct and indirect costs to further improve our financial performance,” CEO of Emirates Steel engineer Saeed Ghumran Al Remeithi commented.
The press release added that Emirates Steel hires over 2,200 personnel across all divisions and facilities, with nearly 500 of them being UAE Nationals, as part of the Emiratisation plan.
