Arkan posts net loss in 9M20

Arkan posts net loss in 9M20
13 November 2020

UAE-based Arkan Building Materials Co has recorded a net loss of AED3.71m (US$1.01m) in the first nine months of 2020, compared to an AED36.13m profit in the corresponding period of last year.

The company’s revenues fell 14 per cent YoY to AED581.02m from AED675.5m in the 9M19. The lower revenues were attributed to a decrease in cement sales volumes and falling prices due to the impact of COVID-19.

"Whilst this unprecedented time has tested the resilience of many organisations, I am proud of the perseverance Arkan has exhibited and its agile response to these extremely challenging market conditions," said Jamal Salem Al Dhaheri, chairman.

Published under Cement News