Arabtec Holding Company, listed on the Dubai Stock Exchange, said today, Sunday, that it suffered a net loss of 774.5 million dirhams (about 211 million dollars) in 2019, compared to profits of 256.3 million dirhams in 2018.
And on the impact of these losses, Arabtec fell 1.6% in today's trading, knowing that it has fallen by 45% since the beginning of this year.
Arabtec, which participated in the construction of the Louvre Museum in Abu Dhabi, recorded its first annual loss since 2016, according to Refinitiv data.
The company attributed the loss to the basic construction work, noting the slowdown in the real estate sector as it launched a limited number of new projects.
Dubai has suffered from a real estate slowdown for most of the past decade, with the exception of a brief recovery more than six years ago. Also, the development of non-real estate projects in the Emirates has slowed or stopped.
Arabtec pointed to weak liquidity in the real estate sector, settlement and settlement of claims, and losses from investment in an unnamed company, adding that other activities - including industrial and engineering - are still making profits.
The company said in statements to the stock exchange that revenue fell 21% to 7.78 billion dirhams, noting the resignation of Chief Financial Officer Adel Al-Wahidi.
She said in a statement that she is currently working with major lenders to align its debt with the needs of its business, while working to rationalize costs by reducing employment.