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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.
A l
Trade Arabia
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10/03/2025
Doha Bank introduced a suite of exclusive offers for NRIs on their Visa Platinum Debit Card, delivering exceptional value across travel, lifestyle, dining, and retail. These carefully curated benefit
The Peninsula
10/03/2025
Saudi Awwal Bank has been awarded the Sustainability Program of the Year 2024 at the Capital Markets Forum (CMF), organized by the Saudi Stock Exchange Group (Tadawul).
This achievement make
Saudi Gazette
10/03/2025
Saudi Aramco has lowered its crude oil prices for Asian buyers in April, marking the first reduction in three months. This price cut aligns with market expectations and follows the decision by OPEC+
Arab News
09/03/2025
United Development Company (UDC), the master developer of The Pearl and Gewan Islands, has continued its global track record of accomplishments by securing three new Guinness World Records. This rema
The Peninsula
07/03/2025
Talabat Kuwait has denied rumors of a security breach, assuring customers and partners that all personal and payment information remains fully secure.
In an official statement, Bader Al-Ghan
Trade Arabia
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