Arabtec Holding PJSC has achieved a consolidated profit of AED 505 million for the first half of 2008, compared to AED 173 million achieved during the corresponding period in 2007. An impressive increase of 191%.
The company also announced that the Group consolidated revenue have increased to AED 4.1 billion compared to AED 1.7 billion registered in the first half 2007, up by 135%
Arabtec Holding’s CEO Riad Kamal stated: “The increase in Arabtec Holding profit is due to the increase in the consolidated revenue and net profit percentage. This resulted from the expansion strategy implemented by Arabtec and acquisitions which focused on proper integration for large scale operations and managing all resources required for construction activities including human, machinery and technical resources. Arabtec adopted a strategic plan over the past years which aims to diversify projects portfolio revenue mix through increasing the number of subsidiaries that complements the business integration without compromising safety & quality standards and delivery schedule”
he added: “Arabtec holds a leading position among the region’s largest construction companies, with over AED 36 billion worth of projects currently under construction in the UAE, Russia, Qatar, Jordan, Syria and Pakistan. Arabtec is also in the final stages of negotiations for a number of other major projects and acquisitions to be concluded and announced soon”.