Arabtec returns to Dh40.8m profit in Q2

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Abdul Basit

Dubai: Arabtec Holding on Wednesday declared Dh40.8 million net profit for the second quarter of 2017, showing a jump from the Dh194.8 million in losses recorded in the same period in 2016.
The figure brings profits in the first half of this year to Dh41.9 million, compared to the Dh242.8 million in losses recorded in the first half of 2016.
But Arabtec’s revenues in the second quarter were nearly 6 per cent lower year-on-year, reaching Dh2 billion. Revenues for the first six months of 2017 were Dh4.2 billion.
The rebound from losses comes just as the Dubai-listed construction company completed in June its recapitalisation programme, which aimed to turn around financial performance. In a statement to the Dubai bourse, Arabtec said the programme enables the company to “begin capitalising on opportunities.”
“We will also remain on track to optimise the delivery of our Dh17.4 billion backlog, and continue to work on turning risks into opportunities through the resolution of legacy claims and collecting receivables,” informed Hamish Tyrwhitt, Arabtec’s group chief executive officer.
Tyrwhitt added that the completion of the recapitalisation programme leaves the company to “focus on risk management and business transformation.” –