Arabtec profits up

28 July 2006

The local Arabtec Holding has reported a 102 per cent increase in net profit for the first half of 2006 to AED 113.5 million ($30 million) from AED 56.1 million ($15.2 million) in the corresponding period of 2005. Despite increasing its capital earlier this year from AED 400 million (AED 109 million) to AED 520 million ($141 million), earnings per share for the first half increased by 100 per cent over the same period in 2005.

Arabtec Construction, a wholly-owned subsidiary of Arabtec Holding, achieved profits of AED 114.6 million ($31 million), an increase of 83 per cent over the same period last year. Revenues grew to AED 1,400 million ($380 million) during the first six months - an increase of 23 per cent compared to the same period last year. Arabtec Holding's readymix subsidiary, Austrian Arabian Ready Mix Concrete, achieved net profits of AED 6.5 million ($1.8 million) and revenues of AED 64.1 million ($17.4 million).

Arabtec Holding has also set up two new subsidiaries in Dubai. Arabtec Precast will specialise in pre-cast buildings and contracting, and House of Equipment will manage, sell and lease building equipment. The company also plans to establish contracting and ready-mix companies in Qatar with Doha-based Nasser bin Khalid & Sons Group.

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