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Arabtec sees profits slip by 33% in Q2

by CW Staff on Jul 30, 2009

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Arabtec's result is a slight improvement on Q1.

The UAE’s largest construction company saw profits drop by a third in the second quarter, a positive result in comparison to other major companies associated with the construction industry.

Arabtec Holding’s net income fell to US $50 million (AED183 million) from $74 million in the same period last year, with revenue coming in at $545 million.

The profit result is a slight improvement on the first quarter’s $44 million figure.

“These results were achieved in very difficult markets,” said Arabtec CEO Riad Kamal, according to Reuters.

In March, Construction Week reported that Arabtec CFO Ziad Makhzoumi had said that the company still expected to receive $2.6 billion in revenue this year, with a net profit margin of around 10%.

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