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FINANCIAL NEWS
Arabtec’s profit USD7.2m
11 May 2011
(MENAFN) Arabtec’s CFO, Ziad Makhzoumi, said that the company’s first quarter net profit fell eighty percent reaching USD7.2 million compared with USD36 million in 2010 due to the low outcome from the UAE’s largest construction company’s diversification plans, reported The National.
Makhzoumi added that the company’s revenue went down USD326.7 million in the first quarter from USD408 million in 2010 and net margins went down to four percent from eleven percent in the first quarter of last year, adding that the loss resulted from lots of projects that finished at the end of the last quarter while many others didn’t start as scheduled.
He also said that Arabtec would establish several new projects. In October, the company announced a USD1.3 billion joint venture in Saudi Arabia where Binladen Group would construct 5,000 houses. The first operations started on the project, but significant revenue wouldn’t be expected until later this year.
It is worth noting that Arabtec is in negotiations over a three-year-old dispute to build the Nad Al Shebaracecourse in Dubai. Arabtec and its joint-venture partner are seeking a USD762 million payment.
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