Arabtec Swings to Profitability in 2017
Arabtec Holding reported on Wednesday Dh123 million in net profit for 2017 as the company swung back to profitability from the Dh3.4 billion in losses recorded in 2016.
The figure puts net profit in the fourth quarter of 2017 alone at Dh47.8 million, according to Gulf News calculations, marking the fourth consecutive quarter of profitability, following nearly two years of mounting losses.
Revenues also grew in 2017, reaching Dh9.14 billion, an increase of 12 per cent year-on-year.
In a statement to the Dubai bourse where Arabtec is listed, the company said its backlog reached Dh17.2 billion as of December 31, 2017, “with a solid pipeline” of tender opportunities going forward.
“…We have stabilized the business in 2017, creating a solid foundation that we will build on through 2018. Together with our core values, we remain committed to building a successful and sustainable future for Arabtec and all its stakeholders,” said Hamish Tyrwhitt, group chief executive officer of Arabtec.
Source: Gulf News
A leading engineering and construction Group specialising in complex projects in the Middle East and North Africa. Through its operating companies and investments, the Group delivers construction and infrastructure projects, including commercial, residential, social, industrial and economic infrastructure in UAE and other selected countries in the region. The UAE-based group’s list of completed projects includes iconic buildings such as the world’s tallest building, the Burj Khalifa in Dubai, Abu Dhabi landmark, the Emirates Palace Hotel and Louvre Abu Dhabi Museum; as well as other technically challenging work on airports and related infrastructure.