Dubai-listed contractor Arabtec Holding reported a 47.2 percent decline in net profit for the second quarter to AED 26.1 million.
Revenue fell to AED 2.19 billion in the quarter ending June 2019, compared with AED 2.39 billion in the same period a year earlier, it said in filing to the Dubai Financial Market.
“We remain committed to our strategy of diversifying our backlog across the infrastructure and industrial sectors. During the first half of the year, we have secured new contracts in the industrial sector which we expect to continue given the strength of the pipeline,” Arabtec’s group chief executive Peter Pollard said in a statement.
“With a particular focus on strengthening our balance sheet, we continue to reduce our debt by AED 373 million during H1 2019,” he added.
The company said it has a “strong pipeline of tender opportunities as it is selectively evaluating opportunities in other GCC countries and MENA region.
The company’s backlog remained strong at AED 14 billion despite the decline in new awards during H1 2019.
Net profit for the first half of 2019 dropped 49 percent to AED 57.8 million from the same period a year earlier.