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The value of the new contracts won by the Petroleum Construction Company during this year amounted to 7.5 billion dirhams. Akil Madi, vice president of the company, expected an increase in value by the end of December, the company being in competition for the contracts of projects ADNOC and Saudi Aramco.
"The local market accounts for 20% of the company's projects, while the external market accounts for 80% of these projects, which are concentrated in Saudi Arabia, India and Kuwait, and about 70% of the projects won by the company over the course of the year. the current year, "Aqil told the press at the company's booth at ADIPEC. He has been on the Saudi market and has ten contracts in Saudi Arabia in various fields.
Akil pointed out that the huge investments announced by ADNOC over the past few days will encourage the company to focus on domestic projects, and that the company plans to bring the share of real estate projects in its business from 10% to 20%, as well as offshore oil services will acquire 80% of our business. Instead of 90% at the present time, note that the company has emerged in recent years in the implementation of offshore field projects.
Ahmed Al Dhaheri, general manager of the company, said that the company's revenue for the current year should reach more than 5.7 billion dirhams, which represents 2017, an increase of 21% over 2016.
"Our financial performance is very strong and reflects the rapid growth of the company and we expect more profit this year," he said. He pointed out that the net income of the company over the last ten years amounted to about 48 billion dirhams. He pointed out that 80% of the company's revenues came from contracts outside the country, which reflected the company's position. He explained that the company had invested about 4 billion dirhams in various assets to strengthen its operations.
Al Dhahiri revealed that the company had participated in several major tender calls to the UAE and Saudi Arabia and that she had recently won a project in Kuwait worth 850 million dirhams. He pointed out that the company is currently focusing on investments in the renewable energy sector, particularly the wind energy sector, and has indicated owning a 30% stake in a French company specializing in this promising sector in Europe and in the North Sea.
He pointed out that the company is currently focusing on presence in new markets, particularly in North Africa, stating that the company had signed two memoranda of understanding with two Egyptian companies. "We will soon enter the Egyptian market," he said.
Regarding the location of jobs in the company, he explained that the number of civil servants in the company was currently 308 citizens, noting that the company had developed a plan to attract more people. citizens and women within the company.
The company is making great efforts to double the number of citizens to 550 by 2021.
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