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GCC Construction Contractors – 3Q2013

Profit grew 59.5%YoY to USD42mn in 3Q13

GCC contractors (GIH Coverage) recorded a profit of USD42mn, up 59.5%YoY from USD26mn in 3Q12. Arabtec and DSI continued to drive the sector’s profit during the quarter; Arabtec’s profit grew 187.9%YoY to USD27mn, while DSI’s profit grew almost six times to USD6mn. However, on QoQ basis, profit declined 23.7%. The decline could partly be attributed to the seasonal impact of the summer holidays for UAE contractors (Arabtec & DSI) coupled with increased construction costs for KSA companies (AKS).

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