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Dubai contractor Arabtec , which raised over $650mn in a rights issue in July, swung to a second-quarter profit yesterday helped by growth in its key markets and expense reductions.
Arabtec, which is building a branch of France’s Louvre museum in Abu Dhabi, made a second-quarter net profit of Dh92.4mn ($25.16mn), compared with a loss of Dh11.6mn in the corresponding period in 2012, it said in a bourse statement yesterday.
The earnings beat average estimate of five analysts polled by Reuters who expected a quarterly profit of Dh51.5mn.
“Our businesses have delivered a strong performance in the first half of 2013, particularly in the UAE and in Saudi Arabia,” said Hasan Ismaik, newly-appointed chief executive of Arabtec Holding.
The contractor said selling, general and administrative expenses dropped by 29% in the second quarter.
Arabtec has won a series of contracts this year, especially in Abu Dhabi where its top shareholder and state investment firm Aabar is based. It also won new contracts in Kazakhstan, Saudi Arabia, Egypt, Jordan and has an order backlog of Dh24.4bn, it said in the statement.
The company said that its agreed joint venture with Korea’s Samsung Engineering that was announced in April is still in the process of being finalised.
Arabtec shares fell 2.8% in Dubai bourse yesterday ahead of the results. They have risen 34.4% year-to-date.
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