Built to inform

Sign up for the daily newsletters

No, Thank you

Contract wins help Dubai's Arabtec post 140% profit hike

Revenue worth $1.9bn was generated in the nine months to 30 September 2018

Arabtec said its pipeline of "identifiable opportunities" is worth $12.4b.
Arabtec said its pipeline of "identifiable opportunities" is worth $12.4b.

Net profit for UAE construction heavyweight Arabtec Holding has grown by 140%, according to a company filing on Dubai Financial Market. 

Arabtec Holding's net profit attributable to parent for the nine months to 30 September 2018 climbed to $42.9m (AED181m), with the business generating revenue of $1.9bn (AED7.2bn) during the same period. 

The company's financial results were bolstered by contract in wins in Q3 2018, including an $871m (AED3.2bn) award from Abu Dhabi National Oil Company LNG, and a $42m (AED155m) Dubai Municipality contract for sewerage and drainage work. 

READ: Dubai-listed Arabtec says refinancing process 'under way'

Its backlog is currently valued at $4.4bn (AED16.4bn) and the engineering and construction giant said it boasts a pipeline of “identifiable opportunities” worth $12.4bn (AED45.8bn).

The company said it will continue to “review non-core assets” into 2019.

Commenting on the latest round of figures, Arabtec Holding's group chief executive officer, Hamish Tyrwhitt, said he was satisfied with the contractor's operational performance during the third quarter.

“Debtors days are continuing to decrease through our efforts to close out completed projects and shorten the payment cycle for current projects,” he said, adding this helped to reduce net debt by $39.4m (AED146m).

Most popular

Awards

Construction industry conversations around digitisation must evolve
The Middle East construction industry’s approach to tech must evolve and focus on how can

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 753
Nov 09, 2019