Arabtec AGM to discuss dividend, projects
Dubai, April 16, 2014
Arabtec Holding, a leading engineering group, will hold its Annual General Meeting (AGM) in Abu Dhabi on April 30, where it will review the proposed distribution of 40 per cent dividends, 10 per cent in cash and 30 per cent in bonus shares.
The meeting at the St Regis Hotel will see a discussion of the Arabtec’s 2013 annual results, as well as highlights of the company’s key accomplishments over the past year, as well as current and upcoming projects.
In 2013, the company has marked significant achievements, as the company’s net profit grew to Dh377.8 million ($102.8 million), a 171 per cent increase from the year before. The company also reported revenues up 30 per cent to Dh7.4 billion in 2013, compared to Dh5.7 billion in 2012.
Arabtec continues to upgrade its systems, processes and project execution platform to support the successful growth of the company.
“We continue to enhance our senior management team with world-class expertise to support the successful growth of the company,” said Hasan Ismaik, managing director and chief executive officer of Arabtec Holding.
“These foundations have led to a 22 per cent increase in backlog in 2013, which has paved the way for an excellent beginning to 2014, which has so far seen unprecedented success that has exceeded all expectations,” he added.
“Arabtec is now better positioned to undertake major projects in line with the strategy for growth announced last year, particularly as our backlog within UAE and abroad has now reached nearly Dh200 billion,” Ismaik continued.
“Since the start of 2014, our company’s subsidiaries have been selected to execute a series of new projects, with a total value of Dh180 billion, which gives us visibility on our earnings growth for many years to come.
“The strong foundations that we have built over the past year have allowed Arabtec to continue driving its growth strategy by further expanding the Company’s reach into new sectors through new subsidiaries, joint ventures and office locations.”
The cash dividends to be distributed to shareholders account for 83 per cent of the net profit realized in the fiscal year ending December 31, 2013.
Expanding further into the North African market, Arabtec has started the new year with strong wins, having bagged new contracts to the tune of Dh180. This includes a historic agreement with the Egyptian Ministry of Defense to develop and construct one million mid-income homes, the biggest project of its kind in the region.
Design work has already started on the project, and construction work is expected to begin in the third quarter of 2014, which is expected to create up to one million jobs for Egyptian people, is set to be completed over a five-year span, providing millions of Egyptians with affordable access to modern residential spaces, said Ismaik.
“The strong foundations that we have built over the past year have allowed Arabtec to continue driving its growth strategy by further expanding the Company’s reach into new sectors through new subsidiaries, joint ventures and office locations,” noted Ismaik.
“The million units project is the maiden major undertaking of Arabtec Real Estate in Egypt and the Region. It represents a historic turning point in our pursuit of growing the company into one of the leading holding groups in the region,” Ismaik concluded. – TradeArabia News Service