The Abu Dhabi National Company for Building Materials (BILDCO) has narrowed its 2021 losses by more than half despite a drop in revenue, according to a bourse filing on Monday. 

The steel and cement products maker posted a net loss of 41.62 million dirhams ($11.2 million) for the year, compared to 98 million dirhams in 2020, a disclosure on the Abu Dhabi Securities Exchange (ADX) showed. 

Revenues reached more than 31 million dirhams, falling by 37 percent from 49.8 million dirhams in 2020, while operating losses stood at 840,000 dirhams. 

(Writing by Cleofe Maceda; editing by Daniel Luiz) 

Cleofe.maceda@lseg.com

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