Arab Today, arab today dubai’s arabtec sees profit surge but no explanation
Last Updated : GMT 21:46:51
Arab Today, arab today
Arab Today, arab today

Dubai’s Arabtec sees profit surge but no explanation

Arab Today, arab today

Arab Today, arab today Dubai’s Arabtec sees profit surge but no explanation

Dubai - Arabstoday

Arabtec Holding, the UAE’s largest construction company by market value, on Monday posted third quarter net profits of AED39.1m ($10.6m) up from AED6.8m a year earlier. The firm, which is increasingly looking to markets outside of Dubai in a bid to rebalance its portfolio of projects, said revenues for the three months were AED1.1bn, down from AED1.3bn a year earlier. The statement to Dubai bourse did not give a reason for the surge in net profit. Arabtec was among dozens of contractors that bore the brunt of Dubai’s property collapse in late-2008.  More than half of developments in the city were scrapped or put on hold in the wake of the financial crisis, leaving construction firms scrabbling for cash as project finance dried up. Arabtec in September said it had yet to receive 60 percent of the money it is owed for projects completed before the onset of the global financial crisis. The builder is owed a “substantial amount” by local developers, but expects all outstanding bills to be paid by the end-2012, CFO Ziad Makhzoumi, told Arabian Business. “There are two sets of payments, payments due from work we have completed now and payments due from work we completed before. “Close to 40 percent [of pre-recession bills] has been paid, and continues to be paid. So we hope that within a year or so, most of the outstanding payments will be up to date,” he said. The company currently has a backlog of projects worth around AED15bn ($4.08bn) in all of its markets by the end of the year. Arabtec said in June it would expand its Saudi workforce to 25,000 as it hopes to make the Gulf state its largest market. The company is also bidding for work in Qatar, as the tiny Gulf country prepares infrastructure for the soccer World Cup in 2022.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dubai’s arabtec sees profit surge but no explanation Arab Today, arab today dubai’s arabtec sees profit surge but no explanation

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dubai’s arabtec sees profit surge but no explanation Arab Today, arab today dubai’s arabtec sees profit surge but no explanation

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: عقارات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday