Arabtec may break even this year and return to profit in 2017, says chairman

Loss-making Dubai contractor Arabtec may break even in 2016 and should return to profit the following year, the company’s chairman said on Wednesday. Arabtec made a loss of Dh2.35 billion in 2015, which it blamed on rising costs and tough market conditions, with the Gulf construction sector entering a marked slowdown as the slump in […]

Loss-making Dubai contractor Arabtec may break even in 2016 and should return to profit the following year, the company’s chairman said on Wednesday.

Arabtec made a loss of Dh2.35 billion in 2015, which it blamed on rising costs and tough market conditions, with the Gulf construction sector entering a marked slowdown as the slump in oil prices led governments to rein in spending.

“2015 was a severe year, 2016 is still tough. I am confident of 2017, that’s when I see (profit),” Mohamed Al Rumaithi told reporters on the sidelines of the company’s annual shareholder meeting when asked when the company would return to profitability.

“For 2016, maybe we will break even,” he said when asked if that meant the company would make another annual loss this year.

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Source: Business

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