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 3 2015 - Dubai's Emaar Properties net profit up 16 percent in Q2MENAFN
(MENAFN) Dubai's Emaar Properties reported a 16 percent rise in second-quarter net profit on Sunday as other income increased and it received more money in income tax credits.Builder of the world's ...

 Aug 3 2015 - Iraq's Kurdish regional government urges PKK withdrawalThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) The Kurdish regional government in Iraq on Saturday called for Kurdish militants fighting Turkey to withdraw from its territory to avoid civilian ...

 Aug 3 2015 - 1,332 people killed in Iraq in July: UN reportThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) As many as 1,332 people were killed in violence across Iraq in July, according to a monthly report released on Saturday by the UN Assistance Mission for Iraq ...

 Aug 3 2015 - Two opponents of Egypt regime die in prison: SourcesThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Two opponents of the Egyptian regime have reportedly died in prison as a result of "medical negligence" following a spate of earlier prison deaths in the Arab ...

 Aug 3 2015 - Kuwait's Mezzan profit down 66.4 percent in Q2MENAFN
(MENAFN) Kuwait based Mezzan net profit in the second quarter recorded USD24.1, increases by 66.4 percent from the same quarter in the previous year.Mezzan revenue in the first half rose by 12.8 ...

 Aug 3 2015 - Kuwait's Zain profit up 8 percent in Q1MENAFN
(MENAFN) Zain said it posted an 8 percent increase of its first-quarter profits, beating analysts' expectations as earnings from Iraq and its domestic business surged and Sudan's currency ...

 Aug 3 2015 - Kuwait- Toyota Mirai Sets Record For Zero-Emission Driving RangeArab Times
(MENAFN - Arab Times) The new Toyota Mirai hydrogen fuel cell vehicle has proved it can go the distance, achieving 67 miles (108 KM) per gallon in official US combined city/highway driving ...

 Aug 3 2015 - Russia- 3 Women Allegedly Bilk 'IS Recruiters'Arab Times
(MENAFN - Arab Times) Police in Russia's province of Chechnya have opened a probe against three local women who have allegedly cheated the Islamic State group out of money.Regional police spokesman ...

 Aug 3 2015 - US- Hackers Target Guns, Cars Smart Gadgets 'Ripe' For HackingArab Times
(MENAFN - Arab Times) Hackers are not just after your computer: connected devices from cars to home security systems to sniper rifles are now targets for actors looking to steal or cause mischief.The ...

 Aug 3 2015 - UAE Refers 41 'Caliphites' To Trial 'Arab Times
(MENAFN - Arab Times) The United Arab Emirates is to try 41 people for allegedly seeking to overthrow the government to set up an Islamic State group-style caliphate in the Gulf state, prosecutors ...

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