Business | General
Arabtec first-quarter profit soars 285%
Arabtec subsidiaries signed projects in excess of Dh15.5 billion since January 2008 in the UAE, Doha, Syria, Jordan and St Petersburg.
- Staff Report
- Published: 00:12 May 6, 2008
Dubai: Arabtec Holding PJSC posted a consolidated profit of Dh231.4 million for the first quarter of 2008, compared to Dh60.1 million for the same period last year, an increase of 285 per cent.
Consolidated revenue during the first quarter of 2008 reached Dh1.9 billion, as compared to Dh837 million during the same period of 2007, marking an increase of 124 per cent.
Riad Kamal, CEO of Arabtec, stated: "Revenue and profit increased significantly as a result of Arab-tec's aggressive geographic expansion strategy and benefiting from business integration and economies of scale. We expect Arab-tec's consolidated revenue for the year 2008 to reach Dh7.5 billion, an increase of 75 per cent compared to 2007 consolidated revenue."
Arabtec subsidiaries signed projects in excess of Dh15.5 billion since January 2008 in the UAE, Doha, Syria, Jordan and St Petersburg.
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