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Contracting-major Arabtec Holding released its results for the quarter ending June, displaying a 47% decline in net profit to AED 26 million. Costs during the quarter were AED 2 billion whilst expenses increased to AED 92 million.
For the first half of the year, the company recorded a net profit of AED 58 million, down 49% from the same period a year ago, on revenue of AED 4.2 billion.
Arabtec attributed the fall to a decline in the awards of new contracts in the construction sector in the first half of the year coupled with the completion of legacy projects in 2019. However, it said that it had a strong backlog of projects at AED 14 billion.
The company also said it had lowered total debt by AED 373 million in the first half of the year.
Arabtec’s group chief executive Peter Pollard said, “We remain committed to our strategy of diversifying our backlog across the infrastructure and industrial sectors. During the first half of the year, we have secured new contracts in the industrial sector which we expect to continue given the strength of the pipeline.”
He added, “Our strong pipeline of tender opportunities coupled with Arabtec’s longstanding market reputation provides us with a strong base to grow the company and deliver on our strategic road map. We also remain focused on diversifying our backlog geographically and we are selectively evaluating opportunities in other GCC countries and the MENA region.”
Cavendish Maxwell is the MENA region’s leading firm of property consultants and chartered surveyors. If you are looking for professional real estate consultation or advice on property related matters, please view our services.
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Content and Communications Manager
Siddhi Sainani is a business and finance writer and a public relations professional with experience across markets in the UAE, Oman, India and the United States.
At Cavendish Maxwell, Siddhi is responsible for crafting research and marketing communications material for the firm’s various stakeholders including clients and government entities. She also leads the public relations activities for the firm, focusing on media outreach, reputation management and spokesperson profiling.
In her previous roles, Siddhi has reported on the financial markets for news outlets, developed institutional research for several institutions, and undertaken corporate communications initiatives for leading firms across sectors such as real estate, finance, banking, audit and advisory, and technology, among others.
Siddhi has a Bachelor of Mass Media degree with a specialisation in journalism and also holds a Post-Graduate Diploma in Integrated Communications covering advertising, marketing and public relations from Xavier Institute of Communications, Mumbai, India.
Sarah-Jane Carter
BA (Hons) DipM
Head of Marketing
Sarah-Jane joined Cavendish Maxwell in January 2020 as Head of Marketing and is responsible for the development of the marketing strategy and execution across the Middle East region. An energetic and results driven marketer, Sarah-Jane possesses a wealth of multi-channel marketing experience, within both B2B and B2C environments which she has gained over a 25 year career. Prior to joining Cavendish Maxwell, Sarah-Jane held senior marketing positions for major developers in Dubai including Emaar, Dubai Properties and Dubai Sports City. She also worked for IWG as the Regional Marketing Director responsible for the MEA and APAC regions. Before relocating to the UAE in 2005, Sarah-Jane held various management roles in public and private sector companies in the UK including ten years at Royal Mail and seven years at the Bank of America.
Sarah-Jane is a member of the Chartered Institute of Marketing and has a BA(Hons) Degree in Business and Marketing