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FINANCIAL NEWS
Emirates Steel Jan-Sep net profit up 70%
25 Oct 2011
(MENAFN) Emirates Steel said that in the January-September period, the company’s net profit surged 70 percent over full year results of 2010, reported Khaleej Times.
The company added that earnings before tax and depreciation (EBITDA) increased to more that a double compared with last year’s same period, moreover, Emirates Steel’s market share hiked to around 60 percent.
It also said that the company’s manufactured steel’s output grew notably, where 83 percent of total finished products were produced from Emirate’s manufactured steel, compared with 51percent in 2010’s same period.
It is worth noting that the company’s strong financial results came due to stable steel selling prices, the ongoing ramp up of Emirates Steel’s Phase 1 assets and the initial contribution from the firm’s Phase 2 steel manufacturing plant.
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