Arabtec Holding net profit surges by 171pc in 2013

March 19, 2014 - 11:47:03 am

DUBAI: Arabtec Holding PJSC, a leading engineering and construction group of companies specialising in complex projects in the Middle East and North Africa region, revealed a net profit attributable to parent company of over AED377.7 million, up by 171 per cent compared to 2012.

Arabtec, in which Abu Dhabi state fund Aabar is a key stakeholder, said it made a net profit of 122 million dirhams in the quarter, compared with 32 million dirhams in the corresponding period of 2012, on revenue up 39 per cent at 2.3 billion dirhams.

The Company went through a major management shake-up last year backed by Aabar. 

It has won a series of contracts in the region recently including high-profile projects such as the development of Abu Dhabi's main airport and building of a Louvre museum and a contract to build 1m homes in Egypt.

"Since the start of 2014, our company's subsidiaries have been selected to execute a series of new projects, with a total value of 180bn dirhams, which gives us visibility on our earnings growth for many years to come," Hasan Ismaik, the chief executive of Arabtec said. 

The company said its backlog of work in 2013 increased by 22pc over the previous year to 24.1 billion dirhams.

Arabtec also proposed a cash dividend of 0.1 dirhams per share plus bonus shares worth 30pc of its share capital. 

The company gave no dividend for 2012. 

Full-year net profit rose to 377 million dirhams from 139 million dirhams in 2012. (QNA)