Arabtec profits more than triple to Dh63m

Dubai: Arabtec Holding, the Dubai-listed construction company, saw its profits more than triple in the first quarter of 2018 to reach Dh63.6 million, up from Dh17.6 million in the same quarter last year.

The jump came as Arabtec continues to implement a turnaround plan and as profit margin increased in the first quarter. The company also saw a jump in cash flow from operations, which reached Dh158 million, up from Dh80 million in the first quarter of 2017.

Arabtec’s revenue in the first quarter of 2018 also rose by nearly 11 per cent year-on-year to reach Dh2.42 billion.

Hamish Tyrwhitt, group chief executive officer of Arabtec, said the company will look to divest or develop its non-core assets to strengthen its balance sheet.

“In 2018, strengthening governance still remains our key priority through rigorous project and business performance reporting, with a strong emphasis on cash, collection of receivables, and closing out legacy projects,” he said in a statement.

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