Arabtec Holding's H1 net profit surges 97%, revenues up

Thursday 09 August 2018 12:01 PM

The UAE Arabtec
The UAE Arabtec

Arabtec Holding, a leading construction company in the Middle East, has registered a 97 per cent jump in its net profit for the first half which rose to Dh113 million ($31 million) from last year's Dh57.4 million ($15.6 million).

Announcing the results for the six-month period ended June 30, Arabtec Holding said the revenue increased by 13.3 per cent to Dh4.8 billion from last year's figure of Dh4.2 billion. The group’s backlog stood at Dh16.1 billion, supported by Dh34.6 billion of tenders submitted or under preparation.

A leading contractor for social and economic infrastructure, Arabtec said this was the group's sixth consecutive quarter of profitability.

During the second quarter, the Emirati group continued 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 said it was actively pursuing a number of infrastructure opportunities through its operating companies, evidenced by the recent award of the strategic sewerage and drainage infrastructure project in Jebel Ali from Dubai Municipality.