Dubai-listed construction company Arabtec Holding continues to see its bottom line strengthened by a steady string of contract wins.
The builder of iconic projects such as Burj Khalifa, Louvre Abu Dhabi and the UAE pavilion at Expo 2020, booked a net profit of AED 67.4mn ($18.35mn) for the third quarter of 2018, almost four times the AED 17.8mn it pocketed for the same period last year.
Revenue rose to AED 2.34bn for the three months to September 30 from AED 2.1bn a year earlier, it said in a statement to investors.
For the nine months to September 30 Arabtec booked net earnings of AED 181mn, up by 140% on last year's figure of AED 75mn. Revenue for the period rose 12.7% to AED 7.15bn from AED 6.3bn.
The group’s backlog increased to AED 16.4bn supported by a solid pipeline of tender opportunities in infrastructure and industrial sectors, it said.
Contract wins registered during the third quarter included the AED 3.2bn award by ADNOC LNG to the Target Engineering Consortium with Tecnicas Reunidas; and AED 155mn contract awarded by Dubai Municipality for sewerage and drainage infrastructure works.
Group CEO Hamish Tyrwhitt said: "I am pleased to report another positive quarter of results. Debtors days are continuing to decrease through our efforts to close out completed projects and shorten the payment cycle for current projects.
“This has contributed to a further improvement in cash from operations and an AED 146mn reduction in net debt. Strengthening the balance sheet remains a strategic priority going into 2019."