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UK giant ISG posts 2018 profit hike as revenues near $3bn mark

Fit-out giant behind Kempinski Mall of the Emirates hotel says will focus on new tech to continue upward Middle East trajectory

The Kempinski MoE hotel is one of ISG's local projects.
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The Kempinski MoE hotel is one of ISG's local projects.

Pre-tax profits grew by more than a third and revenues neared the $3bn mark in 2018 at UK-headquartered construction and fit-out contractor ISG, which counts Nestlé and the Kempinski Mall of the Emirates hotel among some of its clients in Dubai.

According to the group’s latest financial results, underlying profit before tax in 2018 stood at $50.6m – a 37% increase on 2017's corresponding value of $37m. Revenues fared similarly well, rising 31% on 2017 figures to reach $2.9bn last year.

ISG said its Middle East business “made a positive a positive contribution to this record performance, driven by its expertise within the corporate office fit out and hospitality sectors”.

Large-scale office fit out projects for UAE government entities and international technology brands contributed to "a profitable year for the Middle East business", it added.

Speaking on the results, Steve Ramsden, managing director of ISG's southeast Asia and Middle East business, said: “We are absolutely delighted with the Middle East’s increasing contribution to the ISG group business.

“We have a growth mindset, and a continuous learning culture, where innovation is encouraged and supported. [This] will enable ISG to stay ahead and grow further in the region in the coming decade and beyond.”

Scott McCulloch, ISG general manager for the Middle East, added: “We are embracing new technologies and constantly improving our understanding of clients’ businesses, which put together make ISG truly well-differentiated in the region.”

Among ISG’s portfolio of completed works in the Middle East is the refurbishment of Swiss food giant Nestlé’s regional headquarters in Dubai, which was completed in three phases.

The company was also responsible for fitting out Ford Motor Company’s Middle East headquarters in the UAE, which was designed by Perkins+Will.

Last month, the fit-out company announced the completion of works for Abu Dhabi Accountability Authority's offices.

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Construction Week - Issue 761
Mar 21, 2020