Abu Dhabi – Mubasher: Arkan Building Materials Co, listed on the Abu Dhabi Securities Exchange (ADX), has reported its consolidated financial results for the six-month period ended 30 June 2019.
The UAE-based firm has generated a net profit of AED 33.8 million in the first half of 2019, rising 55% year-on-year, according to a press release.
The company’s revenue for H1-19 stood at AED 458.9 million, versus AED 503.8 million in the prior-year period, Arkan said.
The surge in H1-19 net profits was mainly backed “disciplined cost management, the successful award of a major insurance claim, and proceeds from the sale of old assets at the Emirates Cement Factory,” the company noted.
Jamal Salem Al Dhaheri, chairman of Arkan, commented: “Arkan’s financial results for H1-19 demonstrate the resilience of our business as we closely monitor our costs to limit the impact of increasing competition and seasonal impacts.”
“We could achieve high levels of efficiency in most of our businesses resulting in considerable savings on energy coupled with an increased use of industrial waste confirming our continuous progress toward being a sustainable Company while our innovative products continue to break ground in new local and international markets,” he added.
In the first quarter of 2019, Arkan had achieved a net profit of AED 12.22 million, up 4.4% year-on-year from AED 11.70 million in Q1-18.
