Arabtec Holding PJSC Dhs494m profit
Dubai - 20th January, 2008
Arabtec Holding PJSC released the unaudited financial results for the year 2007 which shows a consolidated profit of Dhs494m for the financial 2007 compared to Dhs217m during the previous year reflecting an increase of 127%. Earning per share stood at Dhs0.82.
Arabtec's net profit for the fourth quarter of 2007 rose to Dhs151m marking a growth of 160% compared to the same quarter of 2006 amounting to Dhs58m.
Commenting on the results, Riad Kamal, CEO of Arabtec Holding PJSC stated: 'Arabtec financial results shows tremendous growth in scope and nature of operations as a result of implementing a well planned strategic expansion policy.
The consolidated net profit covers the financial results of Arabtec's nine subsidiaries in Dubai, Abu Dhabi and Qatar which shows increase in geographical diversification and business integration that eventually lead to increased consolidated revenue and improving net profitability margins without impacting Arabtec's track record of safety, quality and delivery.'
He added: 'Arabtec resumed its expansion and diversification policy in 2008 and has already acquired a controlling interest in Gulf Steel Industries (FZC) and in the process of setting up a Piling Company in association with Pembianaan Kien Sinar SDN BHD of Malaysia. This expansion brings the subsidiaries in Arabtec Holding PJSC to 12 companies.'