Profits up at House of Equipment parent

Local firm Arabtec Holding has posted a net profit of AED 256m (US $69.70 million) in the third quarter, up 51 percent from the year-earlier period, topping most analysts' forecasts.

Strong performance from associated companies such as House of Equipment and Gulf Steel Industries helped the firm's performance, in the face of yoyo-ing material, labour and fuel costs.

The fact that the group produces its own concrete through a wholly owned subsidiary, as well as having divisions dealing with precast and technical mechanical electrical and machinery divisions further helped the group to keep its books balanced.

Speaking recently, Mr. Riad Kamal, CEO of Arabtec Construction LLC, said, "Our company portfolio is reflected in the many projects we develop and serves as proof of our ability to excel at what we do, in terms of both quality and speed.

We attribute our successes to the highly qualified staff within our ranks, whose dedicated efforts have made us one of the largest construction firms in the region".

he firm made AED 761m in the nine months to Sept. 30, compared to AED 343m in the same period a year earlier, it said in a statement on Wednesday.

Analysts' forecasts for Arabtec's third-quarter profit ranged from AED 205.50m to AED 416.01m in a Reuters survey.

Print | Email | Discuss this article |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM