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- Lebanon receives preliminary approval to increase World Bank loan to $400m
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- Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as 9th year milestone marked
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- Adnoc Distribution to operate 500 high-power EV chargers by 2028
07/05/2009 00:00 AST
Arkan Building Materials Co made a first-quarter net loss of 91.2 million dirhams ($24.83 million) after writing down its steel inventory and said it would cancel an industrial park development.
The Gulf Arab region is no longer an easy market for steel exporters after the slump in real estate crushed demand even more steeply than on the global market.
Arkan made a net loss of 91.17 million dirhams, or 0.05 dirham a share, in the three months to March 31, compared with a profit of 17.19 million dirhams, or 0.01 dirham a share, a year earlier, it said in a statement.
"The company has made a further writedown provision of 50.2 million dirhams in respect of its inventory of steel rebars," it said in the statement on the Abu Dhabi bourse website.
It said it had decided to cancel the Arkan Industrial Park development, writing off 68.3 million dirhams of expenses incurred on the project.
Revenues for the quarter rose to 166.19 million dirhams from 103.09 million dirhams, it said.
Reuters
25/09/2016
UAE-based Arkan Building Materials said it has registered a solid growth this year and is now aiming to increase exports to 20 per cent of the group revenues over the next three years.
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Trade Arabia
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26/04/2025
Adnoc Distribution, a leading fuel distributor and convenience store operator, has unveiled plans for a major expansion of its electric vehicle (EV) charging infrastructure, increasing its charging p
Trade Arabia
25/04/2025
Saudi Awwal Bank (SAB), one of the leading banks in Saudi Arabia, has signed SR2 billion credit facility agreement with the Saudi Binladin Group, a subsidiary of Binladin International Holding Group,
Saudi Gazette
24/04/2025
The Dubai-based logistics firm Aramex has confirmed a new acting CEO after Othman AlJeda, the incumbent, resigned for personal reasons.
The change at the top comes just weeks after Abu Dhabi
Gulfnews
24/04/2025
The leading UAE banks have put up some sizable growth in their Q1-2025 results, with ADIB's net profit before tax totalling Dh1.9 billion - and that's from an impressive 18% gain year-on-year.
Gulfnews
24/04/2025
Salalah Port has received five modern dual-fuel methanol-powered container vessels from Maersk's fleet, marking a significant milestone in the port's infrastructure development and readiness to accom
Times of Oman
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