Arabtec Holding, the Dubai-listed construction company, reported on Thursday Dh17.6 million ($4.8 million) in net profit for the first quarter of 2017, marking a jump from the Dh46 million ($12.5 million) in losses recorded in the same quarter last year.
Read more: Arabtec Targets 2019 Recovery With Three-Year Recapitalization Plan
The company’s revenues also rose by nearly 11 percent year-on-year to reach Dh2.17 billion ($591 million) in the first quarter of the year.
The results mark the first quarter of profitability after nine consecutive quarters of loss-making as the company attempts to restructure and turn around performance.
“While this is another step towards the turnaround of the group, there is still a lot more work to be done. The initial step reinforces our commitment to returning Arabtec to profitability and solidifies our strategic roadmap to achieving sustainability,” said Hamish Tyrwhitt, Arabtec’s group chief executive officer.
Read more: Arabtec Posts $626-Million Debt For 2015, But Investors Keep The Faith
The company is currently in the process of launching its recapitalisation programme, which includes a Dh1.5 billion ($408 million) rights issue followed by capital reduction. Subscription for the rights issue starts on May 15.
By Sarah Diaa
