ISG Middle East, a regional division of the UK construction services company ISG Plc, has achieved a net profit of Dh5.7 million($1.55 million) in 2015, compared toDh3.1 million last year, marking an increase of 84 per cent, with operating margin improving by 2 per cent.

The company’s revenues reached Dh280 million, increasing by 36 per cent over 2014 (Dh205 million).

Throughout 2015, ISG Middle East continued to be active in the office fit out sector. To mitigate the impact of the oil prices drop on its core corporate office fit out sector, the company is diversifying its activities across the hospitality, leisure and engineering services sectors, leading to strong growth in revenue and profit.

In Abu Dhabi, ISG Middle East continues to build on its strong-hold market presence delivering a number of large commercial office fit out projects, including a new headquarters office for the Tourism and Culture Authority Abu Dhabi, National Health Insurance Company (Daman) and another Mubadala corporate facility.  ISG Middle East also closed a significant facility upgrade project for the owners of major sporting and entertainment facilities on Yas Island during 2015.

In Dubai, the focus has been on hotel and hospitality refurbishment projects as a key growth sector.  The refurbishment of the first two phases of the Kempinski Mall of the Emirates hotel has been completed and this project will continue throughout 2015. Confidence remains high in the Dubai hotel and hospitality sector which ISG Middle East expects to be a key growth driver in the future.

In addition, the company has recently secured a key leisure project working with Meraas.  In the corporate fit out sector, the company stayed active within DIFC, and completed a new facility for Lloyds of London. In line with its strategy, ISG Middle East has secured some key engineering services projects within the growing regional health sector, and has established a commissioning management activity in the region under its Commtech brand.

Alan McCready, managing director, ISG Middle East said: “The ISG Middle East team has produced a strong performance this year, the best since 2009. This result was driven by hospitality projects and engineering-led large scale office fit outs, which we specialise in and have become known for within the UAE market.”  

ISG Middle East’s forward order book has been maintained at Dh190 million (2014: Dh202 million) and the company is expecting further improvement in performance in the current year, added McCready. – TradeArabia News Service