Dubai – Mubasher: Arabtec Holding, listed on the Dubai Financial Market (DFM), on Wednesday reported a net profit of AED 67.37 million ($18.34 million) for the third quarter of 2018, compared to AED 10.31 million ($2.81 million) in the same period a year earlier.

Revenue amounted to AED 2.34 billion in Q3-18, versus AED 2.099 billion in the year-ago period, according to a statement.

Earnings per share (EPS) stood at AED 0.04 during the three-month period ended September, compared to AED 0.01 in Q3-17.

In the first nine months period of the year, the company’s profits soared 250% year-on-year to AED 182.58 million from AED 52.18 million.

Moreover, revenues grew to AED 7.15 billion in the nine-month period ended last September, versus AED 6.34 billion in the prior-year period.

The Emirati leading contractor for social and economic infrastructure said that net debt to equity ratio improved to 1.07x during the July-September period of 2018, compared to 1.2x in the previous quarter.

It's worth noting that Moelis & Co have recently been appointed to advise and assist Arabtec with debt financial modelling, structuring options and engagement with finance providers.

Arabtec’s  backlog advanced to AED 16.4 billion by the end of September, reflecting the group’s mounting focus on social and economic infrastructure and industrial sectors. 

The firm’s backlog is boosted by a strong AED 45.8 billion pipeline of identified opportunities within Arabtec’s addressable market, according to the statement.

Arabtec Holding previously posted a 96.9% year-on-year surge in net profit for the first half of 2018, registering AED 113 million, versus AED 57 million.

Revenues rose by 13.35% to AED 4.8 billion at the end of June, versus AED 4.2 billion in H1-17.

In the second quarter of 2018, the DFM-listed company generated AED 49.36 million in net profits, versus AED 40.8 million in the corresponding period of 2017.