• Chief financial officer resigns
  • Company statement says reshuffle part of saving plans
  • So far 2015 has been a difficult year for the contractor

According to a statement on the Dubai Financial Market (DFM), the UAE’s Arabtec Holding has accepted the resignation of its group chief financial officer, group chief human resources and administration officer, and group general counsel.

The statement went on to say the group has appointed Ravi Murthy as acting group chief financial officer with immediate effect, adding that the moves were part of “the plan for continuing to foster the company’s growth and expansion”.

The company has seen several leadership changes in the past year. Al-Rumaithi was elected chairman earlier this month, taking over from Khadem al-Qubaisi, who was not included in the list of board nominees released on 15 April. The company’s founder Riad Kamal was also left off the list.

Al-Rumaithi is also chairman of local Unilever arm Thani Murshid Unilever, National Marine Dredging Company and the Abu Dhabi Chamber of Commerce & Industry.

In May, MEED reported that the firm recorded a dip in profits in the first quarter of 2015.

The company confirmed first-quarter losses of AED278.9m, compared with a net profit of AED137.9m in the same period last year. Revenues remained stable at AED1.8bn, compared with the same period last year. Arabtec has now made losses two quarters in a row.

The group attributed the loss to the changing landscape of the region’s GCC construction market.

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