YoY profits up 97% at Dubai's Arabtec Holding in H1
The contracting giant reported a net profit of $30.7m for the first half of 2018, a near doubling compared to the same period in 2017
Dubai contracting giant Arabtec Holdings reported almost doubled net profits to parent Arabtec Group in the first half of 2018.
According to its H1 financials, the Dubai-based contracting giant recorded a net profit of $30.7m (AED113m), a 97% year-on-year increase on H1 2017’s figure of $15.5m (AED 57m).
The group's backlog stood at $4.38bn (AED16.1bn), supported by $9.4bn (AED34.6bn) of tenders submitted or under preparation.
This compares to its $4.41bn (AED16.2bn) backlog figure reported by the group in its Q2 2018 results released in May this year.
Construction Week has requested Arabtec for details about the $27.2m (AED100m) difference in backlog between Q1 2018 and the end of Q2 this year.
Commenting on its overall performance, Arabtec said in a statement: “The group continues to focus selectively on countries that offer a strong, sustainable pipeline of construction and infrastructure opportunities including the UAE, Saudi Arabia, Bahrain, and Egypt.”
“Arabtec is pursuing a number of infrastructure opportunities companies, evidenced by the recent award of the strategic sewerage and drainage infrastructure projects in Jebel Ali from Dubai Municipality.”
Speaking on the results, group chief executive officer, Hamish Tyrwhitt, said: “We continue to make good progress on simplifying our business model through better tools and processes and outsourcing non-core business activities, as well as applying innovative approaches to enhance our work and delivery capabilities.”