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Higher prices for energy weigh on Abu Dhabi's Arkan

Abu Dhabi's Arkan Building Materials reported a decline in profit of more than 65 per cent in the first quarter, weighed down by higher energy prices.

Net profit fell to Dh10.59 million in the first three months of this year compared with Dh30.73m in the same period a year earlier. The company said in its ADX filing that the difference was "mainly due to the significantly higher energy costs" and lower selling prices of cement. The company had also stopped benefiting from a government grant in connection with the acquisition of the pipes company Anabeeb from the second half of last year.