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Wed 14 Feb 2018 10:08 AM

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Dubai-listed Arabtec swings to Q4 net profit

Arabtec's fortunes appear to have improved over the past year or so as it has picked up a spate of new contracts

Dubai-listed Arabtec swings to Q4 net profit
Arabtec Holding was awarded a $398 million (AED1.46bn) contract for construction of Wasl Tower (pictured), a mixed-use high-rise tower on Sheikh Zayed Road.

Dubai contractor Arabtec swung to a net profit in the fourth quarter, its fourth consecutive quarter of profitability.

Arabtec made a net profit attributable to owners of the parent of 47.8 million dirhams ($13.02 million) in the three months to Dec. 31, Reuters calculated based on yearly financial statements in lieu of a quarterly breakdown.

This compares with a net loss of 2.95 billion dirhams in the corresponding period of 2016, according to Reuters' calculations.

After several tough years due to a slumping regional construction market and internal management changes, Arabtec's fortunes appear to have improved over the past year or so as it has picked up a spate of new contracts.

The company helped build the Louvre Abu Dhabi, which opened last year. It said its backlog of projects at the end of December stood at 17.2 billion dirhams, adding that there was a "solid" pipeline of future tender opportunities.

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