Arabtec Holding looks to have well and truly put the bad times behind it after reporting its sixth consecutive profitable quarter.
Not only that but the Hamish Tyrwhitt-led construction group confirmed its revival by almost doubling year-on-year earnings in the first half of 2018.
Arabtec recorded a net profit attributable to its parent company of AED 113mn ($30.76mn) in the year to June 30 compared to AED 57mn in 1H 2017, a rise of 96.9%.
Revenue for the period increased by 13.3% to AED 4.8bn compared to AED 4.2bn in 1H 2017.
The group’s backlog stood at AED 16.1bn, supported by AED 34.6bn of tenders submitted or under preparation.
“I am delighted to report a strong first-half performance which has seen the Group deliver six consecutive quarters of profitability,” said group CEO Tyrwhitt.
“We continue to make good progress on simplifying our business model through better tools and processes and outsourcing non-core business activities, as well as applying innovative approaches to enhance our work and delivery capabilities.”
Arabtec continues to focus selectively on countries that offer a strong, sustainable pipeline of construction and infrastructure opportunities including the UAE, Saudi Arabia, Bahrain and Egypt.
Furthermore, the company is actively pursuing a number of infrastructure opportunities through its operating companies, evidenced by the recent award of the AED 433mn strategic sewerage and drainage infrastructure project in Jebel Ali from Dubai Municipality.
Other contracts wins secured during the reporting period include a AED 424mn contract with DAMAC for its AKOYA Oxygen project; A AED 157mn with Emaar Misr for the Levana Uptown Cairo project; And the Creekside Horizon Project from AFC (AED 117mn).