Arabtec consolidated revenue during the first quarter of 2008 reached Dhs1.9bn compared to Dhs837m during the same period of 2007, an increase of 124%.
Commenting on the results, Riad Kamal CEO of Arabtec stated: "Revenue and profit increased significantly as a result of Arabtec's aggressive geographic expansion strategy and benefiting from business integration and economies of scale".
He added "We expect Arabtec's consolidated revenue for the year 2008 to reach Dhs7.5bn, an increase of 75% compared to 2007 consolidated revenue.'
Arabtec subsidiaries signed projects in excess of Dhs15.5bn since January 2008 to carry out works in the United Arab Emirates, Doha, Syria, Jordan and St. Petersburg in Russia.
The St. Petersburg project which works was recently awarded to Arabtec will be carried out in phases; the first phase is expected to start in a few months upon handing over the site by the Developer.
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Dhs231.4m profit for Arabtec Holding PJSC for the first Quarter of 2008
- United Arab Emirates: Monday, May 05 - 2008 at 15:21
- PRESS RELEASE
Arabtec Holding PJSC has achieved a consolidated profit of Dhs231.4m for the first quarter of 2008, compared to Dhs60.1m for the same period last year, an increase of 285%.
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Posted by Lara Lynn Golden, News EditorMonday, May 05 - 2008 at 15:21 UAE local time (GMT+4)
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