Arabtec Holding (Arabtec) reported its financial results for 2Q16. Revenue was AED2.2bn (+19.8% Y-o-Y, +11.2% Q-o-Q, +19.7% vs. EFGe). Gross profit was AED6.0mn (AED411.8mn gross loss in 2Q15, AED44.6mn gross profit in 1Q16). Net loss for the quarter was AED186.4mn (2Q15: AED718mn, 1Q16: AED46.4mn, EFGe: AED83.2mn, all in net losses). 1H16 revenue was AED4.1bn (+14.0% Y-o-Y), gross profit was AED50.7mn (1H15: AED552.4mn gross loss), translating into a gross profit margin of 1.2%. Net loss for 1H16 was AED232.8mn, narrowing from AED998.2mn in 1H15. Leverage ratios were stable over the quarter, with the net debt balance totaling AED1.2bn (-13% Q-o-Q), translating into a net debt-to-equity ratio of 0.41x in June 2016 (June 2015: 0.16x, March 2016: 0.44x). The pressure on working capital continued, on the back slow receivable collection. (Company disclosure, Mai Attia, Sara Boutros)   Arabtec (DU): AED1.53 as of 11 August 2016, Rating: Sell, FV: AED1.13 per share, MCap: USD1,924mn, ARTC UH / ARTC.DU