Arabtec profit hits Dh761m in first nine months

Dubai: Arabtec Holding PJSC has achieved a consolidated profit of Dh761 million for the first three quarters of 2008, compared to Dh343 million achieved during the corresponding period in 2007.

The company also announced that the group consolidated revenue for the same period has increased to Dh6.4 billion compared to Dh 2.8 billion registered in the first three quarters of 2007, an increase of 129 per cent.

"The increase in profit is due to the increase in the consolidated revenue and maintaining the net profit percentage. This has resulted from the careful expansion strategy implemented by Arabtec and the selected acquisitions completed which, focused on complementing our expertise," said Riad Kamal, chief executive officer (CEO) of Arabtec.

"Arabtec adopted a strategic plan over the past few years that aimed to diversify our projects portfolio revenue mix without compromising on safety or quality and delivering on schedule."

"Arabtec holds a leading position among the region's largest construction companies, with projects in the UAE, Russia, Qatar, Jordan, Syria and Pakistan," he said.