BILDCO Publishes Its Board of Directors’ Report for the Fiscal Year 2022
Abu Dhabi National Company for Building Materials PJSC (BILDCO) announces the release of its Board of Directors’ Report for the fiscal year ended 31 December 2022, presenting a clear and transparent overview of the Group’s financial results and operational performance throughout the year.
The report summarizes the consolidated performance of BILDCO and its subsidiaries, including Emirates Blocks for Manufacturing and the Abu Dhabi National Co. for Building Materials – Wood Factory. According to the audited financial statements, the Group generated total revenues of AED 30.73 million in 2022, compared to AED 31.06 million in the previous year. Gross profit reached AED 3.48 million, showing a slight improvement from AED 3.40 million recorded in 2021.
General and administrative expenses decreased significantly to AED 31.88 million, compared to AED 36.24 million in the preceding year, reflecting enhanced cost-management efforts. The Group reported a net loss of AED 820,331, an improvement from the AED 939,476 net loss reported in 2021.
As of 31 December 2022, accumulated losses of the parent company amounted to AED 284.26 million, representing 94.16% of share capital, while total shareholders’ equity stood at AED 45.78 million, compared to AED 74.57 million at the start of the year.
The Board reaffirms its commitment to transparency, operational discipline, and continued efforts to strengthen the company’s financial position and long-term sustainability.
