An Arabtec construction site in Dubai
A file picture from an Arabtec construction site in Dubai. Image Credit: Virendra Saklani/Gulf News

Dubai: Arabtec Holding, the Dubai-listed construction firm, reported on Wednesday a 50 per cent plunge in its profits for the first quarter of this year as revenues fell and general expenses rose.

The company also announced that its CEO, Hamish Tyrwhitt, has stepped down from his position, and will be replaced temporarily by chief financial officer, Peter Pollard. Arabtec did not provide details on why Tyrwhitt is stepping down, but the board of directors thanked him in a statement for his efforts. The board said, Pollard, who will be take on the role of acting CEO “has been instrumental in driving the company forward, in line with the group’s strategic priorities.”

“Peter will continue to focus on aligning our business with the UAE’s national agenda, productivity, efficiency, and innovation being key drivers in positioning Arabtec as a competitive business, and developing the future Emirati leaders who joined the group during 2018,” the board said.

In a separate filing to the Dubai bourse, Arabtec said that profits attributable to the parent company reached Dh30.2 million – halving from the Dh65.8 million reported in the first quarter of 2018. Revenues also slid by 16 per cent to reach Dh2 billion in the quarter.

Arabtec’s share prices were 2.16 per cent lower in the first two hours of trading.