Arabtec’s quarterly net income soars 121%
The UAE’s largest construction firm, Arabtec Holding has posted a 121% surge in net profits for the first quarter of 2014 to Dhs138m, compared with the same quarter a year ago, Gulf News has reported. Revenues of Dubai’s largest listed construction company also jumped 39% to Dhs2.152bn from Dhs1.545bn a year earlier, on the back of Arabtec’s growing business in the Gulf. The strong results were achieved thanks to the company’s positive performance to their expanding operations and stronger delivery of projects in the region, said managing director and CEO of Arabtec Holding, Hasan Ismaik. “We continued to achieve high growth in profits and revenues, driven by our growing business in the UAE and the region, and more focus on delivery and profitability of projects,” Ismaik said.