Dubai-listed Arabtec records $33.5m net profit in 2017
Arabtec's revenue for the 12 months ending 31 December, 2017, reached $2.5bn, while its backlog stood at $4.7bn
UAE-based contractor Arabtec Holding has released its preliminary unaudited financial results for 2017, revealing that it ended the year in the black, with $33.5m (AED123.1m) in net profit.
According to the company, its revenue for the 12 months ending 31 December, 2017, reached $2.5bn (AED9.1bn), while its backlog stood at $4.7bn (AED17.2bn).
Arabtec noted in a statement that the opening of the Louvre Abu Dhabi was a highlight for the company, saying that it played a key role in the project’s delivery.
Hamish Tyrwhitt, group chief executive officer, commented: “Reinforcing our commitment to return to growth and deliver on our strategic roadmap, we have achieved four consecutive quarters of profitability.
“With the support of our employees, board, shareholders, and other stakeholders, we have stabilised the business in 2017, creating a solid foundation that we will build on through 2018. Together with our core values, we remain committed to building a successful and sustainable future for Arabtec and all its stakeholders.”
In May last year, the company announced a net profit of $4.9m (AED18m) in Q1 2017, a $17.4m (AED64m) increase compared to the net loss of $12.5m (AED46m) recorded during the corresponding period of last year. It was the contractor’s first quarterly profit since 2014.