Dubai: Arabtec Holding reports AED63.6mn Q1 2018 net profits
Dubai-based Arabtec Holding reported a net profit of AED63.3mn for the first quarter (Q1) of 2018, and a revenue of AED2.4bn, continuing on from 2017 with another quarter of profitability
The group’s backlog stood at AED16.2bn, well supported with a solid pipeline of AED16bn of tenders submitted or under preparation in its primary market of the UAE, according to a statement on Dubai Financial Market (DFM).
In line with the company’s strategic roadmap, Arabtec’s focus has moved to rebasing the business through a range of initiatives focused on productivity, efficiency, innovation and strengthening the balance sheet. The group will continue to simplify its business and workforce management through better tools and processes and outsourcing activities where it makes sense.
Operationally, the group will look to apply innovative approaches to enhance its work and delivery capabilities. Arabtec will continue to better leverage synergies across the group through closer integration of its businesses to ensure they provide a strategic fit with their core operations.
Group CEO Hamish Tyrwhitt said: “I am pleased to report a positive start to the financial year. We have seen a material increase in our net profit since last year with solid growth in revenue. Q1 results reflect the positive impact of our various transformation initiatives. In 2018, strengthening governance still remains our key priority through rigorous project and business performance reporting, with a strong emphasis on cash, collection of receivables, and closing-out legacy projects. To further strengthen the balance sheet, we will look to divest or develop non-core assets and investments to ensure a sustainable and successful future for Arabtec.”