The net profits of Emirates Steel Arkan skyrocketed to AED 72.58 million in the first quarter (Q1) of 2022, compared to AED 1.22 million in the year-ago period, according to the company’s unaudited consolidated interim financials for the three-month period ended 31 March 2022.

The company’s revenues amounted to AED 2.04 billion in the first three months (3M) of 2022, up from AED 223.53 million in the corresponding period of 2021.

The basic and diluted earnings per share (EPS) settled at AED 0.01 in Q1-22.

It is noteworthy to mention that in 2021, the net losses of Emirates Steel Arkan hiked to AED 744.63 million, compared to AED 66.54 million in the earlier year.