Abu Dhabi-based Arkan Building Materials reported a 25 per cent drop in full-year profit as market pressure on prices also drove down revenues.
Net profit fell to Dh75.7 million compared to the previous year’s Dh101.1m because of damage from the heavy rainstorm that hit the UAE last March.
Pressure on market prices for products caused revenue to slide to Dh807.7m compared to Dh876.9m in 2015.
Arkan’s portfolio companies include Emirates Cement Factory, Emirates Blocks Factories, Anabeeb and Al Ain Cement Factory.
To cut costs, the company decided to temporarily consolidate the production and sales of cement in a single location, which will mostly be at its Al Ain Factory.
Arkan said that this would save it Dh45m over the course of this year.
“We are opening new markets at home and abroad, introducing more innovative products and offering engineering solutions, which allows us to become true partners to our clients, not just a supplier,” said Jamal Salem Al Dhaheri, the chairman of Arkan. “At the same time, we have taken important and tough decisions to reorganise our operations and position the business for the future.”
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Earnings reports
■ ADIB fourth-quarter profit lower on bad debt provisioning
■ Aldar fourth-quarter profit dips 1 per cent amid 'softer operating market'
■ Quarterly profit slips 9% for Amanat Holdings
■ Damac Properties' fourth-quarter net profit rises 1.3%
■ Drake & Scull's 2016 net loss narrows to Dh787 million
■ Du fails to offset royalty payment rise as profit falls
■ Emaar Properties fourth-quarter net profit up 56%
■ Etisalat profit edges up on growing UAE revenue
■ Manazel Real Estate profit rises 16% in second half
■ Marka will continue with cost-cutting after second straight annual loss
■ Union National Bank's fourth-quarter profit rises 29%, missing forecasts
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lgraves@thenational.ae
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Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
CREW
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What is double taxation?
- Americans living abroad file taxes with the Internal Revenue Service, which can cost hundreds of dollars to complete even though about 60 per cent do not owe taxes, according to the Taxpayer Advocate Service
- Those obligations apply to millions of Americans residing overseas – estimates range from 3.9 million to 5.5 million – including so-called "accidental Americans" who are unaware they hold dual citizenship
- The double taxation policy has been a contentious issue for decades, with many overseas Americans feeling that it punishes them for pursuing opportunities abroad
- Unlike most countries, the US follows a citizenship-based taxation system, meaning that Americans must file taxes annually, even if they do not earn any income in the US.
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.