UAE's Arabtec Holding posts 3.2% hike in 9M 2017 revenues
Revenues reached $1.7bn for the first nine months of this year, with Q3 2017's $5m net profit marking a significant improvement over Q3 2016's net loss, worth $61m
UAE-headquartered construction company, Arabtec Holding, announced a 3.2% hike in its nine-month (9M) revenues this year.
Revenues reached $1.7bn (AED6.3bn) for the first nine months of this year, and the firm's net profit for the period amounted to $20.4m (AED75m).
Meanwhile, Q3 2017 net profits was valued at approximately $4.9m (AED18m), an improvement over the $61.4m (AED225.5m) net loss reported in Q3 2016.
The contracting specialist's backlog was valued at $4.6bn (AED16.8bn) in Q3 2017, and the firm also divested its 14.6% stake in Jordan Wood Industries during the quarter.
Arabtec's major new wins in the period included a $171m (AED628m) contract for 1,296 villas at Damac's Akoya Oxygen development, as well as contracts respectively worth $98.8m (AED363m) and $53.4m (AED196m) for Emaar's Dubai South Mall and Forte (Phase 1).
Commenting on the financial results, Hamish Tyrwhitt, group chief executive officer of Arabtec Holding, said: "We have now delivered our third consecutive quarter of profitability, supported by new project wins across our operating companies.
"The group remains on track to achieving the first phase of its strategic road map to stabilise the business in 2017, ensuring long-term, profitable, and sustainable growth."
Arabtec's portfolio includes Louvre Abu Dhabi (pictured), the museum due to open in Abu Dhabi this month.
Tyrwhitt said the company was "proud to have taken part in the delivery of such an iconic project in the UAE".
Going forward, "a more selective approach to tendering" would be deployed to support Arabtec's pipeline and future ambitions.
"Overall, I am pleased with the progress made so far this year to stabilise the business [and] I look forward to making further progress in Q4 on divestments and closer integration of our operating companies alongside strengthening our risk management processes," Tyrwhitt said.
"These final deliverables will put us on track to prepare the business for growth in 2018."