Dubai – Mubasher: Arabtec Holding saw net losses attributable to the owners of the parent company of AED 794 million in the first six months of 2020, against net profits of AED 58 million in the same period of 2019.
The net losses are driven by limited liquidity in the real estate and construction sector and reduced progress on projects and additional costs due to the coronavirus (COVID-19) pandemic, according to a press release on Sunday.
The company generated AED 3.03 billion revenues in the first half (H1) of 2020, down from AED 4.21 billion in the corresponding half of 2019.
The loss per share settled at AED 0.53 in H1-20, versus the earnings per share (EPS) of AED 0.04 in H1-19.
Meanwhile, the company has incurred accumulated losses of AED 1.46 billion, representing 97.3% of the capital.
It is noteworthy to mention that in 2019, the company witnessed AED 774.499 million net losses attributable to the owners of the parent, versus AED 256.299 million net profits in 2018.
