UAE's biggest contractor posts second quarter net profit of 183m dirhams

Arbatec’s profit was down by a third in the second quarter of 2009. The UAE’s biggest contractor reported a second quarter net profit of 183m dirhams for Q2, which was 33% lower than in Q2 2008.

Arabtec made a net profit of 345m dirhams for the first half of this year, it said in a statement today. This compares with the 505m dirhams it made in the same period in 2008.

Arabtec has begun building up business outside the UAE. For example, in Saudi Arabia in June it won the contract to build the Lamar Towers in Jeddah, worth 2bn riyal.

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