Abu Dhabi – Mubasher: Arkan Building Materials’ profits are expected to rise in the second half of 2017, Arkan’s chairman Jamal Salem Al Dhaheri said in a statement, pointing out that the increase in profits would continue to 2018.
The financial statements of the company have shown a 37.5% drop in net profits for the first half of 2017 to AED 25 million ($6.8 million) from AED 40 million ($10.9 million) in H1-16.
“Arkan achieved profits in the first half of 2017, despite the challenges in rising energy prices,” Al Dhareri added.
The Emirati-listed company attributed the decline in profits to the increase of gas and electricity costs to AED 385 million in H1-17, as well as the decrease in sales prices of the firm’s products.
The firm achieved a growth of 12.7% in total revenues to reach AED 460 million in H1-17 from AED 411 million in H1-16.
Net profit plummeted 65.5% to AED 10.59 million in the first quarter of 2017 from AED 30.73 million in Q1-16.
