Arabtec reports turnaround with $15.5m profit
Originally published in Trade Arabia (link below)
Dubai-based Arabtec Holding, a leading construction contractor, reported a major turnaround announcing a net profit attributable to owners of Dh57 million ($15.52 million) in the first half of this year, compared to a net loss of Dh233 million ($63.44 million) in the same period last year.
Revenue increased to Dh4.25 billion ($1.157 billion) compared to Dh4.16 billion ($1.132 billion) in H1 2016, up two per cent year-on-year. Earnings before interest and tax (EBIT) was Dh61 million ($16.61 million) compared with a loss of Dh171 million ($46.56 million), a 232 per cent rise.
Net profit was Dh42 million ($11.43 million) in H1 2017, compared with a loss of Dh243 million ($66.16 million) in the same period in 2016.
The net profit attributable to owners for the second quarter of 2017 was Dh39.8 million ($10.84 million), marking a jump from the Dh186.4 million ($50.75 million) in losses recorded in the same period in 2016.