Dubai – Mubasher: Arabtec Holding, a leading engineering and construction group specialising in complex projects in MENA, incurred AED774.499 million net losses attributable to the owners of the parent in 2019, versus AED 256.299 million net profits in 2018.

The company’s losses are caused by tight liquidity in the real estate and construction sector, settlement and recoverability of claims, and estimated losses from investment in an associate company.

Meanwhile, the company’s revenues dipped to AED 7.784 billion in 2019 from AED 9.852 billion in the previous year, according to the company’s preliminary unaudited financials for 2019.

The losses per share stood at AED 0.52 last year, against AED 0.17 earnings per share (EPS) in 2018.

To decrease its 2019 debt, the company is reducing manpower and cost as well as improving the group’s productivity and efficiency, the company disclosed in a press release on Sunday.

It is noteworthy to mention that during the first nine months of 2019, the company’s net losses reached AED 379.5 million, compared to net profits of AED 180.5 million in the corresponding period in 2018.