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Arabtec's YoY H1 revenue up 2% as recapitalisation completes

The recapitalisation plan has "stabilised the business", Arabtec's group CEO said, adding the firm will now focus on risk management and business transformation

Arabtec has recorded $15.5m in net profit for H1 2017.
Arabtec has recorded $15.5m in net profit for H1 2017.

Arabtec Holding recorded $1.14bn (AED4.2bn) in revenues during the first half of this year, a 2% year-on-year (YoY) rise over H1 2016's revenue of $1.11bn (AED4.1bn).

Net profit attributable to Arabtec's parent company for H1 2017 stands at $15.5m (AED57m), compared to a net loss of $63.4m (AED233m) in H1 2016. 

READ: Arabtec records profit for first time since 2014

The firm also announced that it has successfully completed its recapitalisation programme.

Arabtec's H1 2017 backlog stands at $4.7bn (AED17.4bn), a drop against H1 2016's $6.1bn (AED22.6bn). 

However, the company said it has "a strong pipeline of tender opportunities going forward".

Key wins announced by the firm in H1 2017 included a $398m (AED1.46bn) main contract for Wasl Tower; a $31m (AED113m) deal for the Creekside 18 project, located within the Dubai Creek Harbour development; and a $96m (AED353m) contract to build the UAE Pavilion for Expo 2020 Dubai.

The completion of its recapitalisation programme this June has "stabilised the business, enabling the group to look to the future and ensure we can begin capitalising on opportunities", Arabtec said in a filing to the Dubai bourse.

READ: Arabtec gets regulatory nod for recapitalisation

Group chief executive officer, Hamish Tyrwhitt, said the firm is now focusing on its risk management and business transformation aims. 

"We will also remain on track to optimise the delivery of our backlog, and continue to work on turning risks into opportunities through the resolution of legacy claims and collecting receivables," he added. 

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