Arkan Building Materials has seen improvement in its operating profit in the first quarter of this year, as the net profit has doubled before the sale of the assets of the old cement plant 10,01 million Dirhams, compared to 5.25 million for the same period last year. According to Al-Bayan, the total net profit recorded was 10.53 million, and the group's revenue was 208.17 million, compared to 234.99 million, due to the high competitiveness. In the cement sector, which negatively affected the selling prices.
The first quarter marked a positive shift for the GRP pipeline unit, which managed to increase its market share domestically with the increase in infrastructure projects in Abu Dhabi, and the BV pipeline unit benefited C cost saving initiatives. The paper bags unit recorded a good growth in profits thanks to the increase in sales volume, while the brick and dry mortar units witnessed a growth in profits against the decrease in revenues.
Eng. Jamal Salem Al Dhaheri, Chairman of the Board of Directors of Arkan, said: The coronavirus pandemic has multiplied the challenges in the construction sector since the past years, but the increase in our operating profits is due To the improvement of the performance of the piping division, and the eagerness of the company's executive management to implement cost control and maintain it in our various business units. We also continue to supply our products to some of the largest projects in Abu Dhabi, and we are moving forward towards increasing our market share as much as possible.
