Arabtec 2018 profit more than doubles to Dh256M

dubai — Arabtec Holding has announced a net profit of Dh256 million for 2018, which is more than double the Dh123 million recorded at the end of 2017.

In addition, revenues increased by 7.8 per cent year-on-year in 2018 to reach Dh9.9 billion. Net profit for the fourth quarter of the year was recorded at Dh74 million, a 64 per cent increase over the same period in 2017. However, revenues for the fourth quarter stood at Dh2.7 billion, a 3.4 per cent decrease year-on-year. Net profit attributable to equity holders rose to Dh76 million.

The board of directors has proposed a cash dividend of five fils a share for 2018, amounting to a total of Dh75 million.

The group has now achieved eight consecutive quarters of profitability supported by positive cash from operating activities and a reduction in net debt. The company has also reported a backlog of Dh15.6 billion at the end of last year.

The company has said that it maintained its focus on positioning the business for growth throughout 2018, and continued to strengthen its balance sheet. The group is now back on track and, in line with the objective to diversify revenue across all sectors, is well-placed to capitalise on the UAE government’s strategy for economic diversification and Abu Dhabi Economic Vision 2023.

The company also noted that Emiratisation will remain a key stakeholder priority, and that in the year ahead it plans to focus selectively on countries across the Mena region that offer a solid and sustainable pipeline of construction, infrastructure and industrial opportunities. The group has also identified Egypt as showing strong potential for construction growth.

Arabtec Construction was recently awarded a Dh169 million contract by Expo 2020 Dubai to complete 29,000sqm of public spaces next to Al Wasl Plaza.