Arkan sees increase in net profit for the 9M19

UAE-based Arkan Building Materials Co has recorded a net profit of AED36.13m (US$9.8m) for the first nine months of 2019, compared to AED10.2m in the corresponding period last year. However, group revenue declined 6.1 per cent YoY to AED675.50m from AED719.71m, on the back of increased competition and pressure on prices.

"Achieving optimum efficiency across our business remains our utmost priority as we continue to navigate through this challenging business cycle," said Jamal Salem Al Dhaheri, chairman engineer.

"The Abu Dhabi Government’s economic stimulus programme is supporting the launch of new development projects and Arkan has won a number of significant new contracts, across different product ranges demonstrating our competitive proposition and operational capability," he added.