The Recapitalisation Programme is bearing its fruits
Arabtec has released its Q2 2017 figures, showing a 6% decrease, yoy, in its revenue to AED2.06bn. Similarly, the direct costs went down by 10.5%, resulting in a gross profit of AED104m, 20x higher than the previous year. The company was able to shrink its general and administrative expenses by 52.5% to AED73m, comparing to AED155m in Q2 2016. Arabtec reported a Q2 2017 net profit of AED40.8m, marking a jump from the previously recorded losses of AED194.8m during Q2 2016.
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