Arabtec Holding announced on its financials for the first nine months and the third quarter of 2014, reporting a net profit of AED 309 million during the nine-month period ending September 30, 2014 compared to AED 256 million during the same period in 2013, registering a profit rise by 20.7%.
Net profit was driven by the projects’ progress and Company’s growing business both inside and outside the UAE, Arabtec revealed in its statement, adding that its revenue amounted to AED 6.96 billion during the same period, compared to AED 5.079 billion during the first nine months of 2013, registering a revenue surge by 37.17%.
Arabtec’s backlog increase by 1.4% to AED 23.79 billion by the end of September this year, compared to AED 23.47 billion by the end of September last year.
In its meeting, the construction giant confirmed the significant growth made in its financials, which highlights the additional progress in Arabtec’s activities and higher returns to its investors.
The Dubai-based Company reported a net profit of AED 68 million during the third quarter of the year, compared to AED 101 million during Q3-13, recording a 32.6% decline due to non-recurring general and administrative expenses incurred by the Company during the third quarter.
On the other hand, Q3 revenue surged by 24% to AED 2.4 billion against AED 1.937 billion during the same quarter in 2013.
It is worth noting that Board of Directors has confirmed that the Company is proceeding with its well-considered growth strategy that qualifies it to win new projects in the future, more forward in current projects as well as improve its competitive capabilities.