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Arabtec CEO steps down as net profits decline in Q1 2019

Infra News - Published on Thu, 16 May 2019

Image Source: Construction Week Online
Arabtec Holding, the Dubai-listed construction firm, reported a 50% plunge in its profits for the Q1 of this year as it recorded some losses on one of its investments. The company said that its chief executive officer, Mr Hamish Tyrwhitt, has stepped down from his position, and will be replaced temporarily by chief financial officer, Peter Pollard. Arabtec did not provide details on why Tyrwhitt is stepping down, but the board of directors thanked him in a statement for his efforts. The board said Pollard, who will take on the role of acting CEO “has been instrumental in driving the company forward, in line with the group’s strategic priorities.”

The board said that “Peter (Pollard) will continue to focus on aligning our business, with the UAE’s national agenda, productivity, efficiency, and innovation being key drivers in positioning Arabtec as a competitive business, and developing the future Emirati leaders who joined the group during 2018.”

In a separate filing to the Dubai bourse, Arabtec said that profits attributable to the parent company reached AED 30.2 million – halving from the AED 65.8 million reported in the first quarter of 2018. Revenues also slid by 16 per cent to reach AED 2 billion in the quarter.

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Posted By : Rabi Wangkhem on Thu, 16 May 2019
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