Dubai’s Arabtec swings to net profit in Q2

Dubai-listed contractor Arabtec Holding reported a net profit of AED 39.8 million for Q2 2017, compared to a loss of AED 186.4 million in the same period last year.

The firm, which completed the recapitalization program this year, said its net profit attributable to parent was AED 57 million in the first half of the year, compared to a net loss of AED 233 million in H1 2016.

Revenue in the six-month period was AED 4.25 billion, up 2 percent year-on-year (YoY), the company said in a bourse statement.

The construction firm reported a backlog of AED 17.4 billion in H1 2017, compared with AED 22.6 billion in the same period last year. Arabtec said it has a strong pipeline of tender opportunities going forward.

“We are now concentrating on aligning the synergies of our operating entities to become more productive and cost effective and have begun positioning the business to deliver Phase Two of our strategic roadmap,” group CEO  Hamish Tyrwhitt said in the statement.