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Arabtec posts AED 30.2m profit in Q1

Arabtec posts AED 30.2m profit in Q1
Revenue totaled AED 2.027 billion in Q1
Arabtec Holding
-3.29% 0.53 -0.02

Dubai – Mubasher: Arabtec Holding, listed on the Dubai Financial Market (DFM), has generated a net profit of AED 30.18 million in the first quarter of 2019, versus AED 65.84 million in Q1-18.

Revenue totalled AED 2.027 billion in the three-month period ended 31 March, down 16% from AED 2.42 billion in the year-ago period, the Dubai-based builder said in a statement on Wednesday.

Earnings per share (EPS) stood at AED 0.021 in Q1-19, versus AED 0.042 in the same quarter of 2018, Arabtec, the leading contractor for social and economic infrastructure, said.

The company’s backlog reached AED 14.8 billion in the first three months of 2019, while earnings before interest and taxes (EBIT) fell to AED 62.6 million from AED 96 million in Q1-18.

Total assets amounted to AED 11.002 billion at the end of March, versus AED 11.035 billion in Q1-18.

Peter Pollard, Arabtec acting CEO, said: “We remain confident that, with the strong pipeline of opportunities across our addressable markets, we will see more awards in the coming quarters across the construction and industrial sectors.”

“We continue to focus selectively on countries that offer a strong, sustainable pipeline of construction, infrastructure and industrial opportunities including the United Arab Emirates, Saudi Arabia, Bahrain, Kuwait, and Egypt,” Pollard added.

In 2018, Arabtec reported a net profit of AED 256 million, jumping 108.3% from AED 123 million in 2017.