Abu Dhabi-listed Emirates Steel Arkan saw its net profit rose by fiftyfold in the first quarter of 2022 on the back of higher sales. 

Net profit for the quarter reached 72.6 million dirhams ($19.7 million), up by 5,900 percent from just 1.2 million dirhams in the same period last year. 

The earnings were “boosted by enhanced operational performance and higher sales volumes,” as well as by the recent merger of Arkan and Emirates Steel, the company said in a statement on Tuesday.  

Total revenues surged to 2.04 billion dirhams, compared to 233.5 million dirhams in 2021. 

Late last year, Arkan and Emirates Steel had merged, creating the region’s largest steel and building materials entity. 

(Writing by Cleofe Maceda; editing by Seban Scaria) 

Cleofe.maceda@lseg.com