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FINANCIAL NEWS
UAE’s Arabtec Q3 net profit jumps to USD10.6m
31 Oct 2011
(MENAFN) Arabtec Holding’s CFO, Ziad Makhzoumi, said that net profit in the third quarter surged to USD10.6 million from USD1.85 million in 2010’s same quarter, reported Arabian Business.
Makhzoumi added that revenues during the period dropped to USD299 million from USD353 million in 2010, on the other hand, the company should receive 60 percent of the money it was owed for projects finished before the start of the global financial crisis in 2008 which left construction firms digging for cash since project finance shrank.
He also said that around 40 percent of pre-recession bills were paid, and the company would hope that by the end of 2012, most of the outstanding bills would be paid.
It is worth noting that at the current time, Arabtec, which is the UAE’s largest construction company by market value, has a backlog of projects worth about USD4.08 billion in all of its markets by the end of 2011.
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