Arabtec Holding on Wednesday reported a 15 per cent increase in 2012 revenue, but net profit fell to Dh139.2 million compared to Dh221.1 million in 2011.
The company also announced that Hasan Ismaik to replace Riad Kamal as chief executive officer and said it plans to raise Dh6.4 billion through a rights issue and a convertible bond. he proceeds will be used to finance Arabtec’s growth strategy, to be implemented through organic growth, acquisitions, and international joint ventures.
The Dubai-based company, which specialising in complex construction projects, said revenues jumped to Dh5.66 billion, largely driven by growth in its Saudi Arabia and Kuwait operations.
“2012 was a solid year for Arabtec, with revenue growth, stable margins and strong new project awards. The construction industry has moved back into growth, and Arabtec is well placed to benefit,” Arabtec Holding managing director Hasan Ismaik said in a statement.
Read more: http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2013/February/uaebusiness_February493.xml§ion=uaebusiness
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