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Home / NEWS / YoY profits up 97% at Dubai's Arabtec Holding in H1

YoY profits up 97% at Dubai's Arabtec Holding in H1

by Jack Ball on Aug 9, 2018


Arabtec recently won a sewerage and drainage contract in Jebel Ali from Dubai Municipality.
Arabtec recently won a sewerage and drainage contract in Jebel Ali from Dubai Municipality.

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Dubai contracting giant Arabtec Holdings reported almost doubled net profits to parent Arabtec Group in the first half of 2018.

According to its H1 financials, the Dubai-based contracting giant recorded a net profit of $30.7m (AED113m), a 97% year-on-year increase on H1 2017’s figure of $15.5m (AED 57m).

The group's backlog stood at $4.38bn (AED16.1bn), supported by $9.4bn (AED34.6bn) of tenders submitted or under preparation.

This compares to its $4.41bn (AED16.2bn) backlog figure reported by the group in its Q2 2018 results released in May this year.

Construction Week has requested Arabtec for details about the $27.2m (AED100m) difference in backlog between Q1 2018 and the end of Q2 this year.

READ: Arabtec bidding on $4bn UAE projects as Q1 net profit grows 261%

Commenting on its overall performance, Arabtec said in a statement: “The group continues to focus selectively on countries that offer a strong, sustainable pipeline of construction and infrastructure opportunities including the UAE, Saudi Arabia, Bahrain, and Egypt.”

“Arabtec is pursuing a number of infrastructure opportunities companies, evidenced by the recent award of the strategic sewerage and drainage infrastructure projects in Jebel Ali from Dubai Municipality.”

READ: Arabtec subsidiary wins $118m Dubai Municipality contract

Speaking on the results, group chief executive officer, Hamish Tyrwhitt, said: “We continue to make good progress on simplifying our business model through better tools and processes and outsourcing non-core business activities, as well as applying innovative approaches to enhance our work and delivery capabilities.”



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