UAE accounts for roughly 60 per cent of Arabtecs revenues
Arabtec Holding has reported a net profit of AED155m ($42.2m) for the first half of this year, up 114 per cent from a year earlier. Quarterly net profit totalled AED92m, significantly higher than analysts estimates of about AED50m.
It marks a quarter-on-quarter increase of 84 per cent after the company struggled with higher construction costs in previous quarters.
Revenues over the half year rose 20 per cent to AED3.14bn, with the UAE accounting for roughly 60 per cent of that.
The company attributed the profits to strong performance in its Saudi Arabia and UAE operations, and realignment of its businesses. It recently restructured its management after Abu Dhabi investment fund Aabar Investments bought a controlling stake in it in May 2012. Since then, it has primarily won contracts in Abu Dhabi, but also in Kazakhstan and Dubai.
The developers backlog rose by AED7.3bn to AED24.4bn in the first half of 2013.
In July, Arabtec concluded its $650m rights issue, two months after shareholders approved a $1.75bn capital raising programme.
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