Arabtec Holding has current backlog of $4.4bn, with a further $4.3bn worth of tenders submitted for projects in the UAE
Dubai builder Arabtec Holding reported 261 percent increase in Q1 profit, up to $17.3 million (AED63m) from $4.7m (AED17m) the previous year.
The profit, its highest quarter since Q3 2014, was based on revenues of AED2.4bn.
The company said it has a current backlog of $4.4bn (AED16.2bn), with a futher $4.3bn (AED16bn) worth of tenders submitted for projects in the UAE.
Arabtec said the company has moved to rebasing the business through a range of initiatives focused on productivity, efficiency, innovation and strengthening the balance sheet.
“We have seen a material increase in our net profit since last year with solid growth in revenue,” said Group Chief Executive Officer Hamish Tyrwhitt. “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.”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.