Dubai-listed developer Arabtec Holding reports profits of AED 42 mn in the first half of 2017, against losses of AED 243 mn in the prior-year period, Invest-Gate reports.
The profit rise was supported by lower costs that declined nearly 10% in the second quarter of 2017.
Profits reached AED 40.79 mn in Q2-17, against losses of AED 194.76 mn in Q2-16.
The firm successfully completed its recapitalization program in June, which “stabilized the business enabling the group to look to the future and ensure we can begin capitalizing on opportunities”, the company says in a bourse statement.
The company’s backlog reached AED 17.4 bn in H1-17 compared to AED 22.6 bn in H1-16. However, a strong pipeline of tender opportunities is going forward.