|08 April, 2019

Arkan's shareholders approve cash dividend at Annual General Meeting

Net profit for 2018 up 77%

  • Dividend payment recognises the improved business fundamentals and confidence 

Abu Dhabi, UAE – Arkan Building Materials Co. PJSC (ADX: ARKAN) (“Arkan” or “the Group”), a leading construction and building materials company in the UAE, announces that shareholders at the Annual General Meeting held earlier today have approved a cash dividend of  2.5% for eligible shares, representing AED 43.75 million, for the 2018 fiscal year.

The meeting was chaired by Eng. Jamal Salem Al Dhaheri, Chairman of Arkan, who explained how the company’s diversification strategy and cost optimisation programmes have contributed to the improving financial performance in 2018.  

Eng. Jamal Salem Al Dhaheri, Chairman of Arkan, said: “The continued growth of our Pipes, Dry Mortar and Concrete Products, underpins our diversified business strategy and continues to mitigate market risks and deliver profits. We continue to invest in cost optimisation programmes and sustainable industry practices in order to minimise the impact of low market prices and achieve savings Overall, we remain confident that Arkan is well-positioned to capitalize on rising opportunities at home and abroad.”

“I would like to thank the leadership of Abu Dhabi for their continued support of the industrial sector as part of the Emirate’s economic diversification plans in line with the Abu Dhabi Economic Vision 2030. I would also like to extend my gratitude to Arkan’s Board of Directors, management team, employees and shareholders for their continued support and confidence in the company.”

Arkan recorded revenue in 2018 of AED 967.63 million and net profit up by 77% to AED 53.46 million. The increase in net profit was due to an increase in gross profit, savings in finance costs due to better cash management and the repayment of loans and income of AED 21.9 million only, recognized from the sale of assets from the old Emirates Cement Factory, which was shut down in 2016.

- Ends-

For investor relations enquiries, please contact:

Brunswick Group

Phone: +971 (0)2 234 4600 / +971 (0)4 446 6270

Email: arkan@brunswickgroup.com  

About Arkan

Arkan Building Materials Co. PJSC (ADX: ARKAN), is a public joint stock company specializing in manufacturing of building and construction products in the UAE.  Arkan’s vision is to build a large integrated building products business that serves the local and regional construction industries. Arkan’s portfolio companies include the Al Ain Cement Factory, Emirates Blocks Factories, ANABEEB and Arkan Dry Mortar. For further information, please visit our website: www.arkan.ae

© Press Release 2019

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases