(MENAFN- Khaleej Times) Revenues reach Dh4.
Workers operate cranes of the arabtec construction company on a high-rise building in Dubai.Arabtec Holding announced that the net profits attributable to the parent company for the second quarter rose to Dh103 million recording a growth of 11 per cent compared with same period last year which amounted to Dh92 million. — AP
Arabtec Holding on Saturday announced that its net profits jumped 55 per cent to Dh240 million for the first half of the year compared to Dh155 million for the same period last year.
The profits were driven by the projects progress and the company’s business growth in the UAE and Gulf markets the company said in a statement. The builder of the world’s tallest tower declared Dh4.6 billion revenues for the January to June period over Dh3.142 billion reported for the same period last year.
The company’s board of directors held a meeting last Thursday and approved the second quarter financial results assuring the importance of growth recorded in the financial results and indicating more progress in the company’s business and higher returns to the shareholders.
Arabtec Holding announced that the net profits attributable to the parent company for the second quarter rose to Dh103 million recording a growth of 11 per cent compared with same period last year which amounted to Dh92 million.
The board also announced that “all decisions taken by the board and executed by the management aim at achieving the shareholders and investors’ interests elevating the company’s position increasing the revenues and achieving potential growth in future”.
The builder’s stocks have been swinging wildly in recent weeks in response to speculation about the company’s future after the sudden resignation of chief executive Hasan Ismaik in mid-June.
Arabtec stocks lost more than 19 per cent during the last week and closed at Dh4 on the last trading day. It recorded the highest price at Dh5.02 and lowest Dh3.84 during the week. Its total shares transacted more than 890 million valuing Dh3.799 billion.
Bloomberg data shows that the former Arabtec chief executive has sold a small part of his shareholding in the company. This is the first time Ismaik has sold shares since his departure in June. He sold 3.5 million shares valuing about $4 million on Wednesday reducing his holding to 28.77 per cent. He is still the largest shareholder with 1.265 billion shares.
Investors hope Aabar will buy at least part of the 28.85 per cent stake owned by Ismaik. Aabar said last Sunday that it was studying different options for its investment in the Dubai builder but that any talks on a deal would remain confidential; it did not elaborate.
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