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FINANCIAL NEWS
UAE- Arabtec posts 29% drop in 2012 profit
28 Feb 2013
(MENAFN) UAE’s Arabtec Holding PJSC stated that its 2012’s profit dropped by 29 percent to USD51.23 million, from USD71.72 million a year before, reported Gulf News.
The company attributed the decline in profit to a rise in SG&A expenses and other one-off items, noting that one-off gains went down to USD9.199 million from USD38.73 million in 2011.
The country’s biggest-listed contractor said that revenue jumped by 15 percent, to USD1.54 billion, boosted by operations in Saudi Arabia and Kuwait.
As of December 31, 2012, Arabtec’s backlog, which grew by 27 percent in 2012, stood at USD4.87 billion.
Arabtec booked USD23.43 million of income from investments in the year, comprising income from proceeds from the sale of Nakheel bonds of USD21.91 million.
Normalized EBITDA (earnings before interest, tax, depreciation and amortization) reached USD117.82 million, when excluding the impact of one-off items, compared with USD118.21 million in 2011.
It is worth noting that Arabtec is the company that established Burj Khalifa, the world’s tallest building.
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