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FINANCIAL NEWS
Dubai’s Arabtec incurs USD3.16m Q2 loss
19 Sep 2012
(MENAFN) Arabtec’s CFO, Ziad Makhzoumi, stated that Dubai’s largest listed contractor incurred a USD3.16 million second-quarter loss, reported Arabian Business.
Makhzoumi attributed the loss to the postponement of several projects; however, the company is expected to recover soon as big projects in Saudi Arabia and Abu Dhabi have begun.
In June, a consortium of Arabtec, Turkey’s TAV Insaat and Greece’s Consolidated Contractors Co (CCC) won a USD2.9 billion contract to establish a terminal at Abu Dhabi’s airport, the deal boosted Arabtec’s order backlog, which stands at nearly USD4.62 billion at the current time, from USD3.81 billion at the start of 2011.
It is worth noting that around 80 percent of Arabtec’s backlog came from Saudi and the UAE, whereas the rest is from several countries including Qatar, Bahrain, Kuwait and Egypt.
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