Dubai – Mubasher: Arabtec Holding is targeting a profit margin of 3% to 5% in the coming years, CEO Hamish Tyrwhitt told CNBC Arabia on Wednesday.
Our focus on operations has been positively reflected on Arabtec’s performance in the first half of 2017, the CEO told the news channel.
Earlier in the day, the Dubai-listed construction firm reported turning profitable with AED 40.79 million ($11.1 million) in Q2-17 against losses of AED 194.76 million ($53 million) in the year-ago period.
Earlier this month, Arabtec announced that its subsidiary Arabtec Construction was awarded an AED 363 million deal for the construction of the Dubai South Mall.
The company also received an AED 353 million contract from the Abu Dhabi National Media Council, in July, to build the UAE Pavilion at the Expo 2020.
The recapitalisation programme has contributed to bolstering Arabtec’s performance during H1-17, Tyrwhitt added, noting that his company did not have any problems with banks during the recapitalisation phase.
“We will remain on track to optimise the delivery of our AED 17.4 billion backlog and continue to work on turning risks into opportunities through the resolution of legacy claims and collecting receivables,” Tyrwhitt stated earlier on Wednesday.
