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Sunday / August 19.

Arabtec swings to profitability in 2017


Dubai: Arabtec Holding reported on Wednesday Dh123 million in net profit for 2017 as the company swung back to profitability from the Dh3.4 billion in losses recorded in 2016.

The figure puts net profit in the fourth quarter of 2017 alone at Dh47.8 million, according to Gulf News calculations, marking the fourth consecutive quarter of profitability, following nearly two years of mounting losses.

Revenues also grew in 2017, reaching Dh9.14 billion, an increase of 12 per cent year-on-year.

In a statement to the Dubai bourse where Arabtec is listed, the company said its backlog reached Dh17.2 billion as of December 31, 2017, “with a solid pipeline” of tender opportunities going forward.

“…We have stabilized 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,” said Hamish Tyrwhitt, group chief executive officer of Arabtec.

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via GN