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Al Etihad
18-05-2025
- Business
- Al Etihad
Strategic pivot, construction boom fuelled EMSTEEL's strong Q1 performance: Group CEO
18 May 2025 22:12 SARA ALZAABI (ABU DHABI)Powered by solar energy, streamlined logistics, and high-strength steel solutions, EMSTEEL closed the first quarter of 2025 with strong momentum. A strategic shift bolstered the company's performance despite a global dip in steel prices, its CEO told of the company's participation in Make it in the Emirates, which kicks off today, Eng. Saeed Ghumran Al Remeithi, Group CEO of EMSTEEL, said their Q1 revenue growth was underpinned by a strong combination of volume expansion, product mix optimisation, and strategic market positioning. EMSTEEL reported Dh2.2 billion in revenues for Q1 2025, marking a 1% increase compared to the same period last year."A 21% year-on-year increase in finished goods sales volume reflected both operational efficiency and robust customer demand," he said. Driven by the construction boom in the UAE, a strategic pivot played a key role in the company's strong performance, the CEO said. EMSTEEL has increased the production of its finished steel goods by 17% and sales by 21%, after fully converting its semi-finished billet stock to meet local low-margin billet sales to premium finished products such as rebar, wire rods and structural sections, EMSTEEL's drive has insulated the company from price pressures."This strategic repositioning affirms EMSTEEL's focus on quality-driven growth and long-term margin resilience," Al Remeithi told Aletihad. This shift to fully finished products also aligns with the company's operational direction. "While product mix may vary depending on market conditions, the company consistently aims to optimise value and performance across its offerings. This approach strengthens resilience against market volatility and aligns with the company's commitment to innovation, quality, and sustainable growth," Al Remeithi said. A Dh625 Million Boost EMSTEEL is set to gain further momentum with its Dh625 million Asset Enhancement Programme, announced earlier this year. The initiative aims to enhance production flexibility, enable entry into high-end markets, and strategically expand the company's product mix to support energy infrastructure and key industrial sectors."The programme also strengthens EMSTEEL's position in sustainable manufacturing, enabling lower-emission operations and supporting the UAE's decarbonisation and localisation ambitions. Ultimately, this investment reinforces EMSTEEL's role as a regional leader in advanced steel solutions, ready to meet the demands of a rapidly evolving market," Al Remeithi said. Looking Ahead The rail project between Oman and the UAE is bound to strengthen EMSTEEL's supply chain, especially with its new Al Ain rail facility that has an annual capacity of 4.2 million tonnes of bulk raw material, Al Remeithi said. This will enable cost-effective, sustainable supply for cement production and further drive regional Cement, which recorded a 17% spike in sales, is now shifting focus to margin improvement and operational efficiency."The company is well-positioned to capture emerging opportunities, deepen customer relationships, and expand its footprint in high-growth segments," the group's CEO is another focus for EMSTEEL. The UAE's largest industrial solar PV rooftop - which can deliver 50 million kWh annually - is set to power EMSTEEL's facilities. This has the potential to offset approximately 16,000 metric tonnes of CO₂ emissions."This initiative strengthens operational efficiency and reinforces EMSTEEL's leadership in industrial decarbonisation," Al Remeithi evolving demand from the next crop of Abu Dhabi's transformative developments and mega projects has been shaping EMSTEEL's mission and priorities. "Our steel has been used in some of the UAE's most iconic landmarks, including the Guggenheim Museum and Khalifa Port, and we are committed to supporting the emirate's continued growth," Al Remeithi said.
Khaleej Times
29-04-2025
- Business
- Khaleej Times
Abu Dhabi: Aldar reports 33 per cent rise in Q1 2025 net profit before tax to Dh2.2 billion
Aldar, Abu Dhabi's premier developer, on Tuesday reported a 33 per cent rise in first quarter net profit before tax to Dh2.2 billion, driven by strong demand for existing inventory and new launches. Total UAE sales increased 38 per cent year on year to Dh8.4 billion driven by strong demand for both new launches and existing developments. Aldar launched two new projects in Q1 2025: Manarat Living III on Saadiyat Island; and The Wilds in Dubai, the third development under a joint venture with Dubai Holding. The developer's projects created a strong appeal among international buyers, with UAE sales to overseas and expat resident customers rising to Dh7.4 billion, representing 87 per cent of total UAE sales. UAE revenue backlog at the end of March 2025 stood at a record Dh46.7 billion, up from Dh45.9 billion at the end of December 2024. With an average duration of 29 months, it provides significant visibility on revenue over the next 2-3 years. Cash collections remain strong, totalling Dh3.6 billion as the company pursues accelerated delivery of projects. Increasingly diversified group development backlog has reached a record Dh55.7 billion, with UAE backlog of Dh46.7 billion, driving revenue recognition over the next 2-3 years. Aldar Investment's adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) rose 10 per cent year on year to Dh764 million — up 20 per cent excluding gains from disposals and divestments – and assets under management growing to Dh46 billion. Aldar strengthened its capital structure and financial resilience, issuing Dh3.7 billion hybrid capital notes and a Dh1.8 billion green sukuk, as well as securing a Dh9 billion syndicated revolving credit facility and a Dh1.8 billion hybrid capital solution from Apollo. Earnings per share rises 25 per cent year on year to Dh0.20 on the back of cross-platform earnings growth. Strong liquidity position supports prudent growth agenda with Dh10.2 billion in free and unrestricted cash, and Dh19.3 billion in undrawn committed credit facilities as at end of March. 'Aldar's strong start to the year demonstrates the depth and resilience of our diversified platform, and our ability to execute and grow with discipline against a clear strategy for long-term value creation. Looking forward, the UAE's sustained investment in strategic sectors and its commitment to a business-friendly environment and economic diversification provide a powerful foundation for stability and growth. In this conducive environment and with a development backlog reaching a record Dh55.7 dirhams, Aldar is well-positioned to deliver sustainable performance, deploying capital with care and reinforcing our role as a long-term partner in shaping the UAE's economic development,' said Mohamed Khalifa Al Mubarak, Chairman of Aldar. 'Aldar delivered a robust financial performance in the first quarter, with continued momentum across our core businesses driving a 33 per cent increase in net profit before tax to 2.2 billion dirhams. Our development sales remained extremely strong, rising 42 per cent to Dh8.9 billion, while our pipeline of new launches is on track amid continued demand from both local and international buyers. Meanwhile, our investment portfolio continued to perform positively, with recent acquisitions, increasing rental rates, and near-full occupancy levels driving revenue growth and income stability. In early 2025, we took proactive steps to reinforce Aldar's financial strength and resiliency, increasing liquidity through capital markets issuances and a syndicated loan. We have full confidence that our diversified platform, robust revenue backlog, and prudent capital deployment strategy position the company well to create long-term value for our stakeholders,' said Talal Al Dhiyebi, group chief executive officer of Aldar.
Al Etihad
29-04-2025
- Business
- Al Etihad
Aldar reports robust Q1 2025 results with Dh2.2b profit before tax
29 Apr 2025 12:10 REDDY (ABU DHABI)Aldar Properties started 2025 on a strong note, delivering a 33% rise in net profit before tax to Dh2.2 billion for the first quarter of 2025. Details of the first quarter performance were posted on the website of Abu Dhabi Securities Exchange (ADX) on company reported a net profit after tax of Dh1.9 billion, marking a 22% year-on-year (YoY) increase. Revenue for the quarter surged by 39% to Dh7.8 billion, while gross profit climbed 37% to Dh2.8 billion. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached Dh2.5 billion, up 36% from the same period last year.'Aldar's strong start to the year demonstrates the depth and resilience of our diversified platform, and our ability to execute and grow with discipline against a clear strategy for long-term value creation,' said Mohamed Khalifa Al Mubarak, Chairman of sales remained a major growth driver, with group sales jumping 42% to Dh8.9 billion, supported by robust demand for new launches and existing inventory. UAE sales to overseas and expatriate residents grew sharply to Dh7.4 billion, representing 87% of total UAE company's backlog also hit a record, reaching Dh55.7 billion at the end of March 2025, with Dh46.7 billion from the UAE. This provides strong revenue visibility for the next two to three years.'Aldar delivered a robust financial performance in the first quarter, with continued momentum across our core businesses driving a 33% increase in net profit before tax to 2.2 billion dirhams,' said Talal Al Dhiyebi, Group Chief Executive Officer of Aldar. 'Our development sales remained extremely strong, while our pipeline of new launches is on track amid continued demand from both local and international buyers.'Meanwhile, Aldar Investment continued to deliver solid results. Revenue rose 15% YoY to Dh1.87 billion, and adjusted EBITDA increased 10% to Dh764 million. Excluding gains from disposals, adjusted EBITDA growth stood at 20%. Aldar's assets under management (AUM) expanded to Dh46 billion.'High occupancy and strong rental growth across the core investment portfolio underpinned solid performance, further supported by strategic acquisitions over the past two years, including Masdar City assets,' the results statement investment properties segment achieved a 96% occupancy rate, with Grade A commercial assets like the Abu Dhabi Global Market Towers and International Tower nearing full group also strengthened its capital structure significantly during the quarter, raising Dh16.3 billion through a combination of a sustainability-linked revolving credit facility, hybrid capital issuances, and green sukuk, all at record-low credit liquidity position remains robust, with Dh10.2 billion in free cash and Dh19.3 billion in undrawn committed credit the digital front, Aldar welcomed one million unique visitors to its platforms in Q1, a 20% year-on-year increase. The Live Aldar App achieved full digitisation of customer onboarding and agreement signing processes. Looking ahead, Al Dhiyebi said: 'We have full confidence that our diversified platform, robust revenue backlog, and prudent capital deployment strategy position the company well to create long-term value for our stakeholders.'
Gulf News
20-04-2025
- Business
- Gulf News
UAE foreign trade surges to Dh5.23 trillion in 2024
Dubai: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has announced that the UAE's foreign trade volume reached Dh5.23 trillion in 2024, with a trade surplus exceeding Dh490 billion. On his X official account, Sheikh Mohammed also revealed that in 2024, the UAE exported services worth Dh 650 billion, including Dh191 billion in digital services, which accounted for 30% of total service exports. Citing the latest data from the World Trade Organization, Sheikh Mohammed added that the UAE exported goods worth Dh2.2 trillion in 2024, representing a 6 percent increase over the previous year. The UAE now accounts for 41 percent of the Middle East's total merchandise exports, reaffirming its position as the region's leading trading hub. 'In a world facing major economic and commercial challenges, the UAE chose, from the very beginning, a path of openness—building bridges, and enabling the free movement of trade, capital, and people,' Sheikh Mohammed wrote. 'Today, the UAE stands out as a vital bridge between East and West, and a dynamic global economic hub,' he added. 'By the grace of Allah, this journey of progress will continue. Under the leadership of the UAE President, we will preserve these achievements and continue to build upon them.'
The National
18-03-2025
- General
- The National
What is Zayed Humanitarian Day?
Zayed Humanitarian Day falls on Wednesday. It is marked each year on Ramadan 19, the date UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, died in 2004. The annual event celebrates Sheikh Zayed's humanitarian legacy. It is also an occasion to announce the launch of humanitarian and charitable programmes through official community events in the Emirates. Since the death of Sheikh Zayed, the UAE has celebrated Zayed Humanitarian Day to commemorate his legacy and continue his journey of giving. Sheikh Zayed was a symbol of giving and provided aid to needy people around the world. The Abu Dhabi Development Fund was established in 1971, while the Zayed bin Sultan Al Nahyan Charitable and Humanitarian Foundation was founded in 1992. Under Sheikh Zayed, from 1971 to 2004, UAE aid was distributed to 117 countries, which amounted to about Dh90.5 billion, state news agency Wam reported. The Founding Father received awards and recognition from many countries for his humanitarian achievements. According to the Ministry of Health and Prevention, Zayed Humanitarian Day focuses on these areas: Last year, President Sheikh Mohamed announced the launch of a Dh20 billion ($5.44 billion) initiative to support humanitarian projects around the world. The Zayed Humanitarian Legacy Initiative seeks to improve the quality of life for the most vulnerable communities. Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, on Tuesday also shared news of his initiative's humanitarian efforts. Writing on X, he said he led a meeting of the Mohammed bin Rashid Al Maktoum Global Initiatives Foundation to review the results of the previous year. It showed that total expenditure amounted to Dh2.2 billion ($599 million) across the relief, health, education and community sectors. The number of beneficiaries reached 149 million people in 118 countries, he added, noting that 170,000 volunteers supported the foundation.
