We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Wed 8 Nov 2017 11:43 AM

Font Size

- Aa +

Arabtec swings to profit in Q3

Company posts $4.8m (AED17.8m) in Q3 net profits

Arabtec swings to profit in Q3
Hamish Tyrwhitt, Arabtec Holding CEO

Arabtec Holding swung to profit in the third quarter, netting $4.8m (AED17.8m), up from the $61m (AED225.5m) loss it reported in the same quarter last year.

It marks the third consecutive quarter of profit for the developer, following two years of losses, during which the company underwent a turnaround plan that included capital restructuring.

The Dubai-listed builder said the improved performance driven by the company taking a more selective approach to project tendering.

It secured a number of major new project wins in Q3 2017, including a $170m project with (AED 628m) DAMAC to build 1,296 Villas at AKOYA Oxygen and a $98m (AED363m) deal with Emaar to build the Dubai South Mall and Phase 1 of $53 m (AED196m) Forte project by Emaar in Downtown Dubai

Hamish Tyrwhitt, Arabtec Holding CEO said: “We have now delivered our third consecutive quarter of profitability, supported by new project wins across our operating companies. The group remains on track to achieving the first phase of its strategic road map to “stabilise” the business in 2017, ensuring long-term, profitable and sustainable growth.”

Another Q3 highlight was the announced for the company is the opening of Louvre Abu Dhabi in November 2017, which was largely built by Arabtec.

Arabian Business: why we're going behind a paywall

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.