Serco announces $205m revenues for Middle East in the first six months of 2019
Serco, the international service company which operates Dubai Metro, on Thursday announced Middle East revenues of AED753 million ($205 million), saying the region remains "highly attractive".
Following a strong performance in 2018, the company said it has recorded continued revenue growth, while profits and margins are both well up on the first half of last year.
It said order intake has also been very strong with the figure already surpassing AED15 billion – exceeding forecast revenue for the whole of 2019.
Phil Malem, CEO, Serco Middle East, said: “The Middle East remains a highly attractive market with opportunities that can bring in strategic expansion, which can be attributed to the size of the outsourced market, excellent reference sites and reputation.
"Our pipeline of major new bid opportunities includes the transport and health sectors. We are continuing our efforts to rebuild a stronger pipeline in the region and contribute more to global revenue.”
Malem added: “We are confident that Middle East businesses can extend their impact across the region and achieve their growth ambitions with new business developments. Every year presents a wide range of potential outcomes and the success of H1 has placed us in a fantastic position for the months ahead during which we anticipate further improvement.”
Serco’s operations in the Middle East division contribute about 11 percent of the group’s reported revenue.
It said there was growth in revenue from the new contract for fire and rescue services at King Fahd International Airport in Saudi Arabia, as well as from expanded services at the Dubai Metro.For all the latest transport 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.