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