Arabtec Q2 net profit falls 47pc
DUBAI, August 15, 2019
Arabtec, a leading contruction group in the UAE, reported a net profit of Dh26.06 million ($7.24 million) for the second quarter of this year, a 47.26 per cent decline compared to Dh49.41 million in the same period last year.
The decline has been blamed on increase in costs and expenses. The company’s revenues dropped 8.7 per cent to Dh2.18 billion in Q2 2019, from Dh2,391 billion in Q2 2018.
Net profit for the first half of the year fell 49 per cent to Dh57.8 million from the same period a year earlier.
“We remain committed to our strategy of diversifying our backlog across the infrastructure and industrial sectors. During the first half of the year, we have secured new contracts in the industrial sector which we expect to continue given the strength of the pipeline,” Arabtec’s group chief executive Peter Pollard said.
Arabtec has a backlog of about Dh14 billion worth projects, the company said. - TradeArabia News Service
