Don't get too excited
Arabtec has released its Q1 2017 figures showing a 12% increase, yoy, in its revenue to AED2171m. On the other hand, the company’s direct costs increased by 10%, which resulted in doubling the gross profit, compared to a year earlier, to AED91m (4% gross margin vs. 2% in Q1 2016).The company continued to carefully manage its General and administrative expenses, which decreased by 11% to AED92m (4.3% of its revenue) in Q1 2017 in comparison to AED103m (5.3% of its revenue) in Q1 2016.
On the balance sheet side, the company’s indebtedness has further increased to reach AED2523m in bank borrowings compared to AED2281m in FY 2016.
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