Arabtec Construction’s CEO has stated that the company’s share price is not his primary focus.
Raja Hani Ghanma, who took charge of the Dubai building firm in April 2015, said his current priority is to ensure that the contractor’s day-to-day operations are “solid”.
The comments were made during an interview with Arabian Business' sister magazine Construction Week, which took place one week before Arabtec announced a Q3 2015 net loss of (AED945 million) $257 million.
Speaking on his priorities for Arabtec Construction, Ghanma said: “My focus is not the share price. My focus is the business; the wellbeing and performance of [Arabtec Construction].
“So the share price goes up or down; it’s not my concern and I don’t even follow it on a daily basis. The important thing is to make sure that the business is solid,” he explained, noting that in this respect, Arabtec’s operations are healthy.
Arabtec’s share price has fallen significantly since major shareholder, Abu Dhabi's Aabar Investments, reduced its stake in the contractor in 2014. This decision preceded a series of high-level departures, including that of former Arabtec Holding CEO, Hasan Ismaik.
The company’s losses for the first half of 2015 amounted to $271 million, compared to $65.4 million during the same period last year.
During his interview, Ghanma emphasised that the effects of the current economic climate are not limited to Arabtec’s share price.
“Yes, we have taken a few hits, but it’s not only our share price that has been affected, it’s the whole region,” he said.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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