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29 March 2024

Arabtec swings to Q2 profit

Published
By Reuters

Dubai's largest contractor Arabtec swung to a profit in the second-quarter, beating analysts' forecasts, on the back of business growth in Saudi Arabia and the UAE.

Arabtec, part-owned by Abu Dhabi state fund Aabar Investments, made a second-quarter net profit of Dh92.4 million ($25.16 million), compared with a loss of Dh11.6 million in the corresponding period in 2012, it said in a bourse statement on Thursday.

The earnings beat average estimate of five analysts polled by Reuters who expected a quarterly profit of Dh51.5 million.
Revenue for the second-quarter was Dh1.6 billion against Dh1.3 billion in the prior-year period.

Arabtec, which raised $650 million through a rights issue in July to support its expansion plans, has won a series of contracts this year especially in oil-rich Abu Dhabi where its top shareholder and state investment firm Aabar is based.

The company said that its agreed joint venture with Korea's Samsung Engineering that was announced in April is still in the process of being finalised.