Stock sales hit Arabtec profits

Arabtec Construction recorded profits of US $10.5 million (AED38.6 million) in the first three months of this year — a 70% increase on the first quarter of 2005.

  • E-Mail
By  Tim Wood Published  April 29, 2006

Arabtec Construction recorded profits of US $10.5 million (AED38.6 million) in the first three months of this year — a 70% increase on the first quarter of 2005. But net losses from stock sales and revaluation totalling nearly $500,000 and expenses incurred by the corporate office of parent, Arab Technical Construction Company PJSC of $1.2m, mean that the overall profit stands at $9.2m. Sheikh Butti Bin Maktoum Bin Juma Al Maktoum, chairman of Arab Technical Construction Company PJSC, said: “We expect Arabtec revenues to exceed $817 million by the end of the year, an increase of over 17% over the past year.” Arabtec is the UAE’s only quoted contractor.

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code