Arkan Building Materials Co. PJSC (ADX: ARKAN) (“Arkan” or “the Group”), a leading construction and building materials company in the UAE, today announced its preliminary financial results for the fiscal year 2018.

The net profit for 2018 was up 74% to AED 52.4 million, compared to AED 30.2 million in 2017 despite continuing market challenges and pressure on selling prices.   This was due to an increase in gross profits, a reduction in finance costs due to better cash management and the repayment of loans and an income recognized from the sale of assets from the old Cement Factory, which had been shut down end of 2016.

The tender has been successfully awarded to the highest bidder for sum of AED 50 million (including VAT) of which AED 21.9 million recognized as other income during 2018.

Overall Group revenue in 2018 was AED 909.2 million, compared to AED 908.6 million the previous year.   The direct costs decreased due to operational cost discipline.

© 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.