Arabtec posts profit increase of 191 per cent

27 July 2008
Dubai-based Arabtec Holding has announced a consolidated profit of AED505m ($138m) for the first half of 2008.

The figure represents a 191 per cent increase over the corresponding period in 2007, when the figure was AED173m.

Consolidated revenue over the first half of 2008 also increased to AED4.1bn compared to AED1.7bn in 2007, an increase of 135 per cent.

The figures are a result of the firm's expansion strategy, according to chief executive officer Riad Kamal, who also said the company has projects under way in a number of countries, including the UAE, Russia, Qatar, Jordan, Syria and Pakistan.

Arabtec was recently awarded the estimated AED3bn contract to build the first phase of villas at the Al-Furjan development in the Jebel Ali area of Dubai. The contract involves the construction of 1,500 homes and will commence in August 2008 (MEED 08:06:08).

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