Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Arabtec first quarter profit soars 121%  Join our daily free Newsletter

MENAFN - Khaleej Times - 08/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Company?s revenues exceed dh2 billion first-quarter backlog grows 28%

arabtec holding on wednesday said its first-quarter net profit surged 121 per cent to dh138 million on strong delivery improved commercial review of contracts and growth of uae and gcc business.

an artist’s impression of viceroy business bay... an arabtec project. the company won dh26.2 billion worth of contracts in the first quarter of 2014. — supplied photo

in a statement the leading engineering and construction group of companies said its first-quarter revenues rose 39 per cent and increased to dh2.1 billion compared to dh1.545 billion in the same quarter last year. the net income before minority interest grew 52 per cent to dh152 million as against dh100 million in the similar quarter previous year.

“we continued to achieve high growth in profits and revenues driven by our growing business in the uae and the region and more focus on delivery and profitability of projects” said hasan ismaik managing director and chief executive of arabtec holding.

the company’s board of directors which approved the first-quarter results at its meeting on wednesday welcomed the growth in financial indicators which will translate into more progress in the business and higher rewards for shareholders.

the first quarter also saw the gross profit margin growing from 12 per cent to 15 per cent while the net profit margin increased to seven per cent from six per cent in first quarter last year.

the board also reviewed the results of the annual ordinary general assembly meeting held on april 30 which unanimously approved the distribution of 40 per cent dividends as bonus shares which effectively increased the capital to dh4.439 billion from dh3.139 billion.

“we are planning a series of acquisitions and mergers in the forthcoming period. we are targeting global players in such high margin sectors as oil and gas power plants infrastructure and facility management of huge industrial plants” ismaik said.

arabtec has already completed acquisition of target engineering furthering its ability to bid for small to medium-scale epc contracts in mena’s oil and gas power and related infrastructure. it has also expanded its mep division through the acquisition of the remaining minority stake in its subsidiary efeco raising arabtec’s ownership to 100 per cent.

“in four years’ time arabtec will grow from a medium-scale regional player into a global leader in specialised segments of the construction industry. the planned acquisitions and mergers will lead to significant synergies in terms of accumulated experience enhanced cash flow and stronger brand” he added.

during 2013 arabtec jumped to the 117th position in enr ranking from 187th in 2012. the company expects to achieve far better ranking in the current year and to join the top ten by 2018. with its expanding business in the region arabtec won dh26.2 billion worth of contracts in the first quarter of 2014 a growth of 28 per cent over the dh20.4 billion registered in first quarter of 2013.

the implied total direct and indirect value of projects by the end of first quarter jumped to dh215 billion. this includes dh26.2 billion worth of projects in progress. in addition the company has signed a mou with aabar for construction of 36 towers in abu dhabi for dh21.8 billion. it has also signed another mou for construction of the red sea astrarium in aqaba the first of its kind in jordan at a value of dh5.7 billion. the pipeline also includes the one million housing units in egypt for dh147 billion and dh14 billion worth of property development projects announced at cityscape abu dhabi last month.

during the quarter arabtec launched five new subsidiaries to expand the company’s reach into new sectors and in line with the company’s strategy. two of the subsidiaries will focus on infrastructure projects inside and outside the uae and a third will be engaged in property development. the other two will focus on education and training of nationals on construction-related disciplines and on financial services respectively.

in the uae arabtec signed a mou valued at dh21.8 billion to build 36 towers in dubai and abu dhabi an agreement which will be one of the largest in the real estate sector in the region and arabtec’s biggest project by value in the uae.

arabtec also won dh1 billion contract to build 1500 emaar townhouses in dubai as part of the mira community in the first phase of the reem development.

— muzaffarrizvi?khaleejtimes.com


 


Khaleej Times




  MENA News Headlines
 Aug 31 2015 - Dubai's Islamic finance assets to hit USD3.2t by 2020MENAFN
(MENAFN) The worth of Dubai's assets in the Islamic finance sector is projected to surge by 80 percent over the next five years, to hit USD3.24 trillion in value by 2020.Islamic Finance is considered ...

 Aug 31 2015 - Egypt's Sinai Cement registers USD3.6m net losses in H1MENAFN
(MENAFN) The Sinai Cement Company (SCC) reported a staggering USD3.6 million in net losses in the first half of this, which compares to USD11.2 million in profits, logged in the same period last ...

 Aug 31 2015 - Emirates offer low USD183 airfaresMENAFN
(MENAFN) as part of a new campaign started on Monday, Emirates is selling business class airfares from as low as USD1,100 and economy class airfares from as low as USD183.Economy class tickets to ...

 Aug 31 2015 - Saudi-led coalition denies killing civilians during airstrike in Northern YemenThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) The Saudi-led coalition spokesman Brigadier General Ahmed Asseri has denied targeting a drinking water factory in an airstrike that killed some 40 people in ...

 Aug 31 2015 - Sudanese President to visit China despite international arrest warrantThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Sudanese President Omar Bashir will visit China on Monday to attend the military parade.Sudanese President Omar Bashir, wanted by the International Criminal ...

 Aug 31 2015 - Tony Blair faces inquiry over attempt to save GaddafiThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Tony Blair could be investigated for his secret attempt to leave former Libyan leader Muammar Gaddafi in power.Former UK Prime Minister Tony Blair could be ...

 Aug 31 2015 - Australian FM calls on EU to carry out anti-ISIL airstrikes in Syria, IraqThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Julie Bishop urged European countries to launch attacks against the Islamic State.Australian Foreign Minister Julie Bishop has urged Europe to conduct ...

 Aug 31 2015 - Syrian opposition to hold new round of reconciliation talks within monthThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Syrian opposition groups will meet in Astana, the capital of Central Asia's Kazakhstan, in late September or early October, a source in the organizing ...

 Aug 31 2015 - UAE's Etihad seeks USD500m for fleet expansionMENAFN
(MENAFN) Etihad Airways, the Abu Dhabi state-owned airline, is pursuing to raise as much as USD500 million for the purpose of expanding its fleet.In more detail, it's intending to add five airplanes ...

 Aug 31 2015 - In Sudan, Yemen's Hadi rejects Iranian influence, doctrineThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) At a Sunday joint press conference in Khartoum with his Sudanese counterpart, Yemeni President Abd Rabbuh Mansour Hadi said the Yemeni people rejected what he ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help