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Arabtec posts 108% net profit hike in second year of steady growth

Infra News - Published on Wed, 17 Apr 2019

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UAE construction giant Arabtec Holding reported its second successive year of growth, with 2018 profits rising 108% to AED 256 million after the company continued to cut debt and boost cash flow. Arabtec, which describes itself as a social and economic infrastructure builder, strengthened its presence in the UAE, Saudi Arabia, Egypt, and Bahrain over the last 12 months, with its latest results marking its eighth consecutive quarter of profitability.

Big wins last year included an AED 3.2 billion contract for Phase 2 of Adnoc LNG’s Gas Development Expansion project; a deal to deliver construction and mechanical, electrical, and plumbing (MEP) services for Damac Properties’ Akoya Oxygen villas; and the construction of an industrial sewer system for Dubai Municipality.

A company statement said that reducing the time it took to get paid from Q4 2017's 186 days to Q4 2018's 155 days – a YoY reduction of almost a month – supported Arabtec's improved operational and financial performance.

Commenting on the financials, group chief executive officer, Mr Hamish Tyrwhitt, said he was buoyed by the second successive year of profitable growth, adding “Looking ahead, we will expand our regional footprint, taking advantage of the growing market opportunities in the UAE, [Saudi Arabia], Egypt, Bahrain, and Kuwait to further diversify our backlog.”

The group’s 2018 results revealed that Arabtec's backlog was valued at AED 15.6 million. At the time, the company added that it was looking forward to a “solid pipeline” of regional tender opportunities, worth up to AED 48 billion.

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Posted By : Rabi Wangkhem on Wed, 17 Apr 2019
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