Arabtec CEO: 'My focus is not the share price'
Raja Hani Ghanma, CEO of Arabtec Construction, has stated that he would rather focus on project delivery than the share price
Arabtec Construction’s CEO has stated that the company’s share price is not his primary focus.
Raja Hani Ghanma, who took charge of Arabtec Construction in April 2015, said that his current priority is to ensure that the contractor’s day-to-day operations are “solid”.
The comments were made during an interview with Construction Week, which took place one week before Arabtec announced a Q3 2015 net loss of $257m (AED945m).
Speaking on his priorities for Arabtec Construction, Ghanma said: “My focus is not the share price. My focus is the business; the wellbeing and performance of [Arabtec Construction].
“So the share price goes up or down; it’s not my concern and I don’t even follow it on a daily basis. The important thing is to make sure that the business is solid,” he explained, noting that in this respect, Arabtec’s operations are healthy.
Arabtec’s share price has fallen significantly since major shareholder, Aabar Investments reduced its stake in the contractor in 2014. This decision preceded a series of high-level departures, including that of former Arabtec Holding CEO, Hasan Ismaik.
The company’s losses for the first half of 2015 amounted to $271m (AED998m), whereas in the same period of last year, it made a net profit of $65.4m (AED240m).
But during his interview, Ghanma emphasised that the effects of the current economic climate are not limited to Arabtec’s share price.
“Yes, we have taken a few hits, but it’s not only our share price that has been affected 0 it’s the whole region,” he said.
Click here to read Construction Week's full interview with Ghanma.