EMSTEEL Building Materials PJSC reported third-quarter 2026 net profit of AED 190 million, up 99%, as revenue and earnings increased even with lower steel sales volumes.
Group revenue rose 15% to AED 2.5 billion. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 35% to AED 381 million, lifting the group EBITDA margin to 15.3% from 13.1% a year earlier.
The steel division recorded revenue of AED 2.2 billion, up 15%, and EBITDA of AED 306 million, up 34%. Average selling prices for finished steel rose 17% year over year. EMSTEEL said higher prices and controls on selling, general and administrative costs supported the division's results.
Total steel sales volume, including finished products and billets, declined 5% to 770,000 tonnes. EMSTEEL said export constraints affected heavy sections and sheet piles. The division's EBITDA margin was 13.7%, down from 18.2% in the second quarter. The company attributed the decline to costs associated with regional geopolitical conditions and costlier logistics for replacement raw-material supplies.
The cement division reported revenue of AED 252 million, up 12%, and EBITDA of AED 75 million, up 44%. Its EBITDA margin rose to 29.7% from 23.3% a year earlier. Combined cement and clinker sales increased 12% to 921,000 tonnes, with EMSTEEL citing continued market demand.
After adjusting for the Pipes & Other segment's contribution to the year-earlier quarter, cement EBITDA increased 73% year over year. EMSTEEL sold the segment in December 2025.
For the first nine months of 2026, group revenue rose 9% to AED 7 billion and EBITDA climbed 61% to AED 1.3 billion. Profit after tax reached AED 751 million, up 165%. As of Sept. 30, the company reported a net cash position of AED 1.8 billion.
