Arabtec, the UAE’s biggest listed contracting group, posted a 24 per cent increase in second quarter net profit thanks to faster collection of receivables.
Net profit attributable to equity holders in the three months ending June 30 reached Dh49 million from a year earlier, it said in a statement on Thursday to the Dubai Financial Market, where its shares are traded.
The group’s six consecutive quarters of profitability was down to "a reduction in trade receivables and debtor days", which was a result of the company’s efforts to improve "resolution and collection of receivables", said Arabtec group chief executive Hamish Tyrwhitt.
Current trade receivables were Dh223m lower compared to the first quarter of this year with a 17-day improvement in debtor days, producing a positive net cash from operating activities of Dh206m in the second quarter, it said, without providing comparable figures for the second quarter of last year. Revenue for the second quarter rose 16 per cent to Dh2.39 billion from the same period in 2017.
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Arabtec first quarter profit more than triples as company focuses on core business
Arabtec swings to profit in 2017, beats analysts' expectation
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Arabtec, in which Mubadala Investment Company unit Aabar Investments holds a 37.7 per cent stake, has been able to clock up profit after undertaking a recapitalisation programme last year to extinguish Dh5bn in losses accumulated due to the slump in construction activity during the oil price plunge that started in 2014. It also started in 2017 a three-year restructuring programme, which included divesting non-core assets and investments.
“The Group continues to focus selectively on countries that offer a strong, sustainable pipeline of construction and infrastructure opportunities including the UAE, Saudi Arabia, Bahrain and Egypt,” it said. “Furthermore, Arabtec is actively pursuing a number of infrastructure opportunities through its operating companies.”
The company, an infrastructure projects developer in the UAE, Saudi Arabia, Bahrain as well as Egypt, had a backlog of Dh16.1bn at the end of June this year, compared with Dh17.4bn at the end of June last year.
Some of the contracts it won this year include a Dh424m award from real estate developer Damac Properties, a Dh433m infrastructure project from Dubai Municipality and a Dh157m award from Emaar Misr, the Egyptian unit of Emaar Properties.
Arabtec is aiming to consistently secure between Dh8bn-9bn in new projects at group level annually, according to its 2018 targets featured in an investor presentation posted on DFM.
The contractor is targeting growth in Mechanical, Electrical and Plumbing projects, Engineering, Procurement, Construction Management infrastructure and special construction and expanding its capital base in 2019.
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Notable salonnières of the Middle East through history
Al Khasan (Okaz, Saudi Arabia)
Tamadir bint Amr Al Harith, known simply as Al Khasan, was a poet from Najd famed for elegies, earning great renown for the eulogy of her brothers Mu’awiyah and Sakhr, both killed in tribal wars. Although not a salonnière, this prestigious 7th century poet fostered a culture of literary criticism and could be found standing in the souq of Okaz and reciting her poetry, publicly pronouncing her views and inviting others to join in the debate on scholarship. She later converted to Islam.
Maryana Marrash (Aleppo)
A poet and writer, Marrash helped revive the tradition of the salon and was an active part of the Nadha movement, or Arab Renaissance. Born to an established family in Aleppo in Ottoman Syria in 1848, Marrash was educated at missionary schools in Aleppo and Beirut at a time when many women did not receive an education. After touring Europe, she began to host salons where writers played chess and cards, competed in the art of poetry, and discussed literature and politics. An accomplished singer and canon player, music and dancing were a part of these evenings.
Princess Nazil Fadil (Cairo)
Princess Nazil Fadil gathered religious, literary and political elite together at her Cairo palace, although she stopped short of inviting women. The princess, a niece of Khedive Ismail, believed that Egypt’s situation could only be solved through education and she donated her own property to help fund the first modern Egyptian University in Cairo.
Mayy Ziyadah (Cairo)
Ziyadah was the first to entertain both men and women at her Cairo salon, founded in 1913. The writer, poet, public speaker and critic, her writing explored language, religious identity, language, nationalism and hierarchy. Born in Nazareth, Palestine, to a Lebanese father and Palestinian mother, her salon was open to different social classes and earned comparisons with souq of where Al Khansa herself once recited.
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Man Utd 2 Pogba 27', Martial 49'
Everton 1 Sigurdsson 77'
UAE currency: the story behind the money in your pockets
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Mobile phone packages comparison
What is dialysis?
Dialysis is a way of cleaning your blood when your kidneys fail and can no longer do the job.
It gets rid of your body's wastes, extra salt and water, and helps to control your blood pressure. The main cause of kidney failure is diabetes and hypertension.
There are two kinds of dialysis — haemodialysis and peritoneal.
In haemodialysis, blood is pumped out of your body to an artificial kidney machine that filter your blood and returns it to your body by tubes.
In peritoneal dialysis, the inside lining of your own belly acts as a natural filter. Wastes are taken out by means of a cleansing fluid which is washed in and out of your belly in cycles.
It isn’t an option for everyone but if eligible, can be done at home by the patient or caregiver. This, as opposed to home haemodialysis, is covered by insurance in the UAE.
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
