Latest news with #AED8.3
Zawya
24-04-2025
- Business
- Zawya
Dubai Chamber of Commerce launches Peruvian Business Council
In the presence of Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, Dubai Chamber of Commerce – one of the three chambers operating under Dubai Chambers – has announced the establishment of the Peruvian Business Council. The new council is dedicated to expanding cooperation between the business communities in Dubai and Peru, deepening trade and investment ties, and promoting bilateral partnerships across all sectors. The announcement came during the inaugural annual general meeting of the Peruvian Business Council, which took place at Dubai Chamber's headquarters. The launch brings the total number of Business Councils operating under the Dubai Chamber of Commerce umbrella to 61. These councils represent the interests of businesses and investors from specific countries operating in Dubai and contribute to enhancing economic cooperation with key markets across the globe. Maha Al Gargawi, Vice President of Business Advocacy at Dubai Chambers, commented, 'The establishment of the Peruvian Business Council reflects our ongoing commitment to strengthening mutual economic and trade relations with countries around the world. It also highlights the vital role played by the Business Councils operating under the umbrella of Dubai Chamber of Commerce in enhancing investment cooperation and stimulating the growth of Dubai's non-oil foreign trade.' The meeting outlined the council's priorities and plans, in addition to its upcoming programme of events and activities. Participants also discussed strategies to elevate economic cooperation between Dubai and Peru. The launch of the Peruvian Business Council reflects Dubai's growing appeal as a hub for Peruvian companies and investors. The value of non-oil trade between Dubai and Peru exceeded AED8.3 billion in 2024, representing remarkable year-over-year growth of 91% and underlining the strength of bilateral trade ties. By the end of Q1 2025, a total of 23 Peruvian companies were registered as active members of Dubai Chamber of Commerce. The country-specific Business Councils operating under Dubai Chamber of Commerce collaborate closely with the chamber to boost bilateral trade and investments. They facilitate stronger ties between Dubai-based companies and businesses from the markets represented, with the goal of strengthening strategic economic partnerships.
Trade Arabia
12-02-2025
- Business
- Trade Arabia
Emsteel delivers $2.26bn in revenue for 2024
Emsteel, one of the largest publicly traded steel and building materials manufacturers in the region, has delivered total revenues of AED8.3 billion ($2.26 billion) for financial year 2024, approximately 6% lower than the AED8.9 billion reported for 2023. This decrease in revenue is due to various factors, including fluctuations in global steel prices, increased competition, and changing demand trends driven by economic uncertainties in key markets, the company said. Despite the challenging market environment Emsteel realised a solid profit before tax of AED432 million and a net profit after tax of AED392 million. The net profit was supported by the reversal of an impairment taken during Covid, with a net positive impact of AED189 million. Financial highlights for 2024: • During 2024, Emsteel maintained overall steel production volumes in line with the level attained during 2023. • Emsteel's profitability margins have been affected by an increase in low-priced Chinese steel exports, which have directly or indirectly impacted prices in several of the group's key markets, including the GCC and important export destinations like Europe and the US. * The group further strengthened its balance sheet, realising a positive net cash generation of AED401 million resulting in a balance sheet free of net debt. • In 2024, Emsteel recorded EBITDA of AED892 million, with a margin of 10.9%, compared to 14.2% in 2023. Emsteel's FY24 profitability was supported by a significant improvement of the group's EBITDA during the fourth quarter of the year, amounting to AED247 million, up 81% compared to the third quarter of 2024. One of the key factors was Emsteel's ability to leverage increased UAE construction activity, which supported rebar demand and allowed the group to maximise capacity utilisation, while at the same time improving price realisation in this core segment. • Revenue from the group's Emirates Steel division totalled AED7.6 billion during 2024, generating an EBITDA of AED680 million. Emirates Steel's performance was impacted by adverse global market conditions. • Revenue from the group's Emirates Cement division was AED0.8 billion in 2024, with an EBITDA of AED212 million. Within the Cement division the Pipes & Other segment is reported as assets held for sale as a divestment process is ongoing. Revenue for this segment amounted to AED156 million in 2024. • As of the end of 2024, the group continues to maintain a robust liquidity position, with AED823 million cash in hand compared to AED426 million as of 31 December 2023. Hamad Al Hammadi, Chairman, Emsteel, said: '2024 has been a year of transformation for Emsteel. With the evolution of our corporate identity and our key business divisions, our team has demonstrated exceptional adaptability and focus, enabling us to deliver innovative solutions and services, and to continue creating value for our stakeholders. These efforts reaffirm our vision to lead the industry toward a low-carbon future while strengthening our position as the UAE's largest publicly traded steel and building materials manufacturer.' Eng Saeed Ghumran Al Remeithi, Group Chief Executive Officer, Emsteel, said: 'In 2024, Emsteel demonstrated resilience in navigating a dynamic and challenging market environment. Despite these headwinds, we remain committed to innovation, sustainability and accelerating the adoption of low-carbon solutions. A key milestone is our pilot green hydrogen project with Masdar, a critical step in decarbonising this hard-to-abate sector. "Looking ahead, we embrace our role as pioneers in sustainable innovation, laying the foundation for a low-carbon iron hub, with strategic partnerships driving our vision of a more sustainable and resilient future for all. The UAE's expanding construction sector, with $772 billion in ongoing and upcoming projects, further strengthens our growth strategy. With 52% of projects in planning, design, or tender stages, the country's infrastructure boom will continue to drive demand for sustainable steel and building material solutions, positioning Emsteel as a key enabler of economic and developmental progress.' -
Zawya
12-02-2025
- Business
- Zawya
Emsteel delivers $2.26bln in revenue for 2024
Emsteel, one of the largest publicly traded steel and building materials manufacturers in the region, has delivered total revenues of AED8.3 billion ($2.26 billion) for financial year 2024, approximately 6% lower than the AED8.9 billion reported for 2023. This decrease in revenue is due to various factors, including fluctuations in global steel prices, increased competition, and changing demand trends driven by economic uncertainties in key markets, the company said. Despite the challenging market environment Emsteel realised a solid profit before tax of AED432 million and a net profit after tax of AED392 million. The net profit was supported by the reversal of an impairment taken during Covid, with a net positive impact of AED189 million. Financial highlights for 2024: • During 2024, Emsteel maintained overall steel production volumes in line with the level attained during 2023. • Emsteel's profitability margins have been affected by an increase in low-priced Chinese steel exports, which have directly or indirectly impacted prices in several of the group's key markets, including the GCC and important export destinations like Europe and the US. * The group further strengthened its balance sheet, realising a positive net cash generation of AED401 million resulting in a balance sheet free of net debt. • In 2024, Emsteel recorded EBITDA of AED892 million, with a margin of 10.9%, compared to 14.2% in 2023. Emsteel's FY24 profitability was supported by a significant improvement of the group's EBITDA during the fourth quarter of the year, amounting to AED247 million, up 81% compared to the third quarter of 2024. One of the key factors was Emsteel's ability to leverage increased UAE construction activity, which supported rebar demand and allowed the group to maximise capacity utilisation, while at the same time improving price realisation in this core segment. • Revenue from the group's Emirates Steel division totalled AED7.6 billion during 2024, generating an EBITDA of AED680 million. Emirates Steel's performance was impacted by adverse global market conditions. • Revenue from the group's Emirates Cement division was AED0.8 billion in 2024, with an EBITDA of AED212 million. Within the Cement division the Pipes & Other segment is reported as assets held for sale as a divestment process is ongoing. Revenue for this segment amounted to AED156 million in 2024. • As of the end of 2024, the group continues to maintain a robust liquidity position, with AED823 million cash in hand compared to AED426 million as of 31 December 2023. Hamad Al Hammadi, Chairman, Emsteel, said: '2024 has been a year of transformation for Emsteel. With the evolution of our corporate identity and our key business divisions, our team has demonstrated exceptional adaptability and focus, enabling us to deliver innovative solutions and services, and to continue creating value for our stakeholders. These efforts reaffirm our vision to lead the industry toward a low-carbon future while strengthening our position as the UAE's largest publicly traded steel and building materials manufacturer.' Eng Saeed Ghumran Al Remeithi, Group Chief Executive Officer, Emsteel, said: 'In 2024, Emsteel demonstrated resilience in navigating a dynamic and challenging market environment. Despite these headwinds, we remain committed to innovation, sustainability and accelerating the adoption of low-carbon solutions. A key milestone is our pilot green hydrogen project with Masdar, a critical step in decarbonising this hard-to-abate sector. "Looking ahead, we embrace our role as pioneers in sustainable innovation, laying the foundation for a low-carbon iron hub, with strategic partnerships driving our vision of a more sustainable and resilient future for all. The UAE's expanding construction sector, with $772 billion in ongoing and upcoming projects, further strengthens our growth strategy. With 52% of projects in planning, design, or tender stages, the country's infrastructure boom will continue to drive demand for sustainable steel and building material solutions, positioning Emsteel as a key enabler of economic and developmental progress.' Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Emirates 24/7
06-02-2025
- Business
- Emirates 24/7
FAB reports profit before tax of AED19.9 billion in 2024
First Abu Dhabi Bank (FAB) has achieved solid results in 2024, with Group net profit reaching AED17.1 billion, up 4 percent year-on-year (yoy), driven by a 15 percent increase in revenue to AED31.6 billion. Profit before tax grew 13 percent yoy to AED19.9 billion, reflecting increased client activity, strong business volumes, diversified income streams and ongoing operating efficiencies across the franchise. This performance marks consecutive years of sustained growth in scale and profitability, solidifying FAB's position as the UAE's global bank. Net profit for the fourth quarter of 2024 reached AED4.2 billion, up 4 percent yoy, while revenue for Q4'24 increased by 11 percent yoy to AED7.7 billion. FAB's Board of Directors is recommending a cash dividend of 75 fils per share for the full year ended 31st December 2024, representing a total dividend payout of AED8.3 billion and 51 percent of group net profit available for distribution. The dividend proposal is subject to shareholder approval at the bank's Annual General Meeting scheduled to be held on 11th March 2025. Double-digit revenue growth in both domestic (11 percent) and international (32 percent) franchises supported the expansion of the asset base during 2024, while the bank's international franchise strengthened its global footprint across 20 key financial markets. Total assets increased 4 percent yoy to AED1.21 trillion as of December-end 2024, with a 9 percent yoy growth in loans, advances and Islamic financing to AED529 billion for the period, and customer deposits up by 3 percent yoy to AED782 billion. H.H. Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of FAB, said, "FAB's performance in 2024 cements consecutive years of expanded scale and improved profitability, demonstrating steady progress against our Group strategy as the UAE's global bank. Fuelled by the UAE's economic growth and the bank's strategic leaps in growing relationships across key economic corridors and markets, FAB delivered strong results last year, supported by record business volumes, successful diversification and innovation. The bank's achievements solidified the nation's standing as a premier financial and business hub, and delivered on our leadership's vision for an open, efficient, and globally integrated business environment. As the UAE's global bank for businesses and investors, FAB is fully aligned with this vision and remains a key enabler of the UAE's global aspirations." He added that the Board of Directors recommends a cash dividend of 75 fils per share for 2024, representing a total dividend payout of AED8.3 billion. "Looking ahead, FAB will remain vital to driving the UAE's future vision, fostering sustainable growth and innovation, and connecting local, regional, and international economies within a world-class financial ecosystem," H.H. Sheikh Tahnoon stated. Hana Al Rostamani, Group Chief Executive Officer of FAB, said, "Our strategy produced robust results in the UAE, our thriving home market and the foundation of our growth, while powering the expansion of our international franchise, as we diversified growth across customer segments and sources of income and grew international revenue by 32 percent. Our balance sheet strength is a cornerstone of our success. Our solid capital and liquidity positions and disciplined risk management form the foundation of our ability to deliver resilient and sustainable growth, underpinning the trust that our customers and stakeholders place in us." She added that the bank have also made clear progress on ESG, facilitating AED267 billion of sustainable and transition financing projects to-date, which represents over half of the Group's 2030 target of AED500 billion. FAB also made further strides towards carbon emission reduction targets and became the first bank in the region to publish a TNFD report recognising the bank's responsibility to support a nature-positive future by aligning financial practices with environmental resilience. Investment Banking revenue grew 19 percent yoy while maintaining top rankings across key MENA IB league tables. Global Markets also increased revenue by 18 percent. FAB reported a 20 percent rise in new-to-bank customers, while lending and deposits grew 15 percent and 17 percent, respectively, with a significant growth in CASA balances Continued enhancement of the private banking offering resulted in 75 percent yoy growth in assets under management. FAB remained a regional leader in green and social bonds and sukuk issuances, with US$4.1 billion outstanding. Furthermore, the bank provided over AED4.3 billion in new financing to SMEs during FY'24, 30 percent higher than the prior year. Follow Emirates 24|7 on Google News.
