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23 May 2024

Arabtec profit jumps after revised results

Ziad Makhzoumi, CFO (SUPPLIED)

By Sona Nambiar

Arabtec Holding has restated its 2008 results raising the net profit for the year ended December 31, 2008 to Dh1.079 billion from Dh945 million as per its unaudited financial statement in February.

The company reported a net profit of Dh577m for the previous year against the unaudited figure of Dh535m. Meanwhile, the company's consolidated revenue for 2008 reached Dh9.7bn compared to Dh9.6bn as per the unaudited statements.

The company had recorded a revenue of Dh4.2bn in 2007.

The company also announced that it will hold its EGM on the 28 of this month to amend its articles of incorporation in accordance with the Commercial Companies Law and Corporate Governance Guidance on the DFM website but the chairman was not available for any further comments.