Arabtec bags Dh219m residential contract in India
Construction company will build a 42-storey tower near Delhi on behalf of Raheja Developers
Arabtec Construction, a wholly owned subsidiary of Dubai-listed Arabtec Holding, won a Dh219 million contract to build a 42-storey residential tower in India.
The Navin Minar development, located around 22 kilometres from Delhi Airport, comprises a residential tower and related facilities with a total built-up area of 214,000 square metres.
Under the contract, delivered on behalf of India’s Raheja Developers, Arabtec Construction will build the tower and four planned basements, as well as associated works including landscaping, utilities, swimming pools, a club house, sports and community centres, and 15 social housing towers of 15 storeys each.
Construction work will start immediately for a duration of 36 months, Arabtec Holding said in a filing to the Dubai Financial Market, where its shares are traded.
Last week, the board of Arabtec Holding accepted the resignation of its group chief executive, Hamish Tyrwhitt, and appointed Peter Pollard as acting group chief executive, after the contractor reported a 50 per cent decline in first-quarter net profit attributed to a slowdown in new contract awards.
Net profit for the first three months of the year dropped to Dh31.8m, while revenue for the period dipped 16 per cent to Dh2 billion for the reporting period, from Dh2.4bn a year earlier.
Arabtec had previously reported profit increases in the past eight quarters after a restructure of its business and several exits from non-core assets.
Updated: May 23, 2019 01:12 PM