Arkan Building Materials Company (ARKAN) PJSC announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported revenue of AED 222.6 million compared to AED 231.3 million reported in the same period a year ago. Profit for the period was AED 3.5 million compared to AED 14.4 million reported a year ago. Basic and diluted earnings per share attributable to owners of the company was AED 0.002 compared to AED 0.008 a year ago.

For the six months, the company reported revenue of AED 473.6 million compared to AED 459.6 million reported in the same period a year ago. Profit for the period was AED 15.2 million compared to AED 25.0 million reported a year ago. Basic and diluted earnings per share attributable to owners of the company was AED 0.009 compared to AED 0.014 a year ago. Net cash from operating activities was AED 54.8 million compared to AED 116.4 million reported a year ago. Payments for property, plant and equipment was AED 12.3 million compared to AED 9.5 million reported a year ago. Increase in net revenue was as a result of strong sales of Pipes, Blocks, Dry Mortar and Bags, notwithstanding a very competitive market situation.

The company provides production guidance for full year 2018. For the period, the company reported production capacity expected to increase from 165,000 to 222,000 tonnes per annum impacted by additional land lease rental.