Emirates Steel: Over AED6.6 billion revenues in 2017

ABU DHABI, 5th March, 2018 (WAM) -- Emirates Steel, a subsidiary of the General Holding Corporation, SENAAT, today announced its financial results for the year 2017. More than AED6.6 billion in revenues achieved in the year, an increase of 22 percent compared to AED5.4 billion in the previous year. A solid 12 Earnings Before Interest, Taxes, Depreciation and Amortisation, EBITDA, margin; delivered in a challenging year for the global steel sector. Production increased to more than 3.2 million tons by the end of the year, up from 3.1 million tons in 2016. Export sales accounted for 20 percent of total volumes, with the remaining 80 percent being consumed within the UAE. The domestic market share accounted for 60 percent, and the Debt to Asset ratio at 29 percent. During an annual media briefing held today at Emirates Steel’s headquarters, the CEO Saeed Ghumran Al Remeithi, said, "The positive results achieved by Emirates Steel in 2017 clearly indicate success of the company’s resilient business model, despite the challenges faced by the metals and steel industry globally. The increasing demand for Emirates Steel’s products in the international markets is testament to their high quality, which will open further doors for entering new emerging and developed markets. We will continue to increase sales revenues and reduce direct and indirect costs to further improve the company's financial performance. This will be achieved by increasing volumes, driving efficiencies and further developing our product range to achieve our production capacity of 3.5 million tons per year, raising safety standards and entering new markets to further expand our global footprint."