Delayed recovery
Arabtec announced AED7.7bn in revenues for FY 2016, 5.6% increase YoY, missing our forecast of AED8.2bn. The company’s losses in Q4 2016 soared to AED2.99bn (from AED438m in Q4 2015) reaching an annual net loss of AED3.5bn in 2016 (vs. AED2.778bn in 2015), of which AED2.8bn are impairments.The company also announced a backlog of AED18bn equivalent to two years of annual revenue and a restructuring plan consisting of a Capital Reduction and Rights Offering.
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