Arabtec Holding reports 17% drop in first-quarter profit

Dubai: Construction firm Arabtec Holding on Monday reported a 17 per cent drop in first-quarter profit to Dh134.5 million from Dh161.2 million in the same period last year.

In a statement to the Dubai Financial Market, Arabtec said revenue dropped 17 per cent to Dh1.55 billion.

The company’s board approved the setting-up of Arabtec Egypt in partnership with Amer Group, and discussed proposed investment opportunities in Pakistan, the statement said.

The board also approved raising the capital of subsidiary Target Engineering Construction Company to Dh150 million from Dh70 million.