Arabtec Holding made AED67.5m ($18m) of net profit during the third quarter of this year, more than three times the AED17.8m recorded in the third quarter of 2017.

The third quarter results mean that the Dubai-listed construction company has recorded a net profit to parent of AED181m on revenue of AED7.2bn for the nine months ending 30 September 2018. The profits are more than double the AED75m made during the same period last year.

During the third quarter of this year, Arabtec says that debtor days reduced by a further 2 days to 166, contributing to positive net cash from operating activities of AED193m. The net debt to equity ratio improved to 1.07x compared with 1.2x on 30 June 2018.

US-based Moelis & Co has recently been appointed to advise and assist Arabtec with debt financial modelling, structuring options and engagement with finance providers.

The group’s backlog increased to AED16.4bn, reflecting a focus on social and economic infrastructure, and industrial sectors. Arabtec says its backlog is supported by AED45.8bn of identifiable opportunities within its addressable market.