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With high levels of project activity throughout 2005, Arabtec Construction witnessed an increase of 125 % in net profits to reach 152 AED, as compared with net profits of 67 AED achieved in the same period last year. Revenues increased by 112 % to reach AED 2,579 m in 2005.
Commenting on the 2005 financial results, Sheikh Butti Bin Maktoum Bin Juma Al Maktoum, the Chairman of Arab Technical Construction Company said:
"We are delighted with our excellent results for the fiscal year ended 31st December 2005. The commendable figures were attained through an excellent performance from Arabtec Construction."
Sheikh Butti added: "Through 2005, the property market within the UAE continued to witness new innovative projects. I believe that this positive trend will continue for the next few years. With growth across the regional property and construction industry, we look forward to retain the leadership position within the sector through contributing towards growth and gaining more business".
The Board of Directors of Arab Technical Construction Company also met on Monday to review the draft consolidated unaudited financial statements of Arab Technical Construction Co. and its subsidiaries including Arabtec Construction LLC and Austrian Arabian Ready Mix LLC. The Board also discussed the preliminary study presented by the strategy consultant regarding the company's future strategy to diversify sources of income, enhance profitability and increase investors' earnings.
The Board decided to submit a recommendation to the General Assembly to increase the capital from AED 400 m to AED 520 m by issuing 30% bonus shares.
Posted by Anne-Birte Stensgaard, Senior News Editor
