Arabtec Holding Company’s net profit during the first nine months of the current year rose to AED 309m (€1.5bn), the company announced in its interim financial results in a Sunday statement.
The figure, which represents a growth rate of 20.7% compared to the same period last year, was made on the Dubai Financial Market website.
Arabtec is a group of companies specialised in implementing engineering and construction projects in the Middle East and North Africa region. These include infrastructure, oil, and gas sector projects and its headquarter in the United Arab Emirates.
The company said in the statement on the results that revenues in the period from January to September of this year rose to 6.96bn UAE dirham (AED). The revenues represent a growth of 37.17% compared to the same period last year, where revenues amounted to AED 5.079bn.
The value of projects under implementation rose to 1.4% to AED 32.79bn by the end of September 2014, compared to AED 23.47bn in the same period last year, the company announced.
The gross profit during this period achieved AED 791m and reaching record growth up 60.5% compared to the same period last year, the statement added.
During the third quarter of 2014, net profit has dropped by AED 86m, a decline of 32.6% compared to the same period last year, which amounted to AED 101m, the statement mentioned.
Arabtec said this decline was due to non-recurring general and administrative expenses incurred by the company through this period.
Arabtec’s Board of Directors expressed satisfaction with the negotiations conducted with the Egyptian authorities to implement the one million housing units project. These recently took place to finalise an agreement to start work on the project that the company inspires to implement before the end of this year.
