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Regional division of ISG plc achieves best performance since operations commencement in 2009
Dubai - ISG Middle East announced today its 2015 results showing a 36% increase in yearly revenue which has exceeded AED 280 million (2014: AED 205 million), and with net profit increasing by 84% to AED 5.7 million (2014: AED 3.1 million), resulting in an improved operating margin of 2.0% (2014: 1.5%).
Throughout 2015, ISG Middle East continued to be active in the office fit out sector. To mitigate the impact of the oil prices drop on its core corporate office fit out sector, the company is diversifying its activities across the hospitality, leisure and engineering services sectors, leading to strong growth in revenue and profit.
In Abu Dhabi, ISG Middle East continues to build on its strong-hold market presence delivering a number of large commercial office fit out projects, including a new headquarters office for the Tourism and Culture Authority Abu Dhabi, National Health Insurance Company (Daman) and another Mubadala corporate facility. ISG Middle East also closed a significant facility upgrade project for the owners of major sporting and entertainment facilities on Yas Island during 2015.
In Dubai, the focus has been on hotel and hospitality refurbishment projects as a key growth sector. The refurbishment of the first two phases of the Kempinski Mall of the Emirates hotel has been completed and this project will continue throughout 2015. Confidence remains high in the Dubai hotel and hospitality sector which ISG Middle East expects to be a key growth driver in the future.
In addition, the company has recently secured a key leisure project working with Meraas. In the corporate fit out sector, the company stayed active within DIFC, and completed a new facility for Lloyds of London. In line with its strategy, ISG Middle East has secured some key engineering services projects within the growing regional health sector, and has established a commissioning management activity in the region under its Commtech brand.
Alan McCready, Managing Director, ISG Middle East commented: 'The ISG Middle East team has produced a strong performance this year, the best since 2009. This result was driven by hospitality projects and engineering-led large scale office fit outs, which we specialise in and have become known for within the UAE market.'
ISG Middle East's forward order book has been maintained at AED 190 million (2014: AED 202 million) and the company is expecting further improvement in performance in the current year.
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About ISG
ISG Plc is an international, award-winning construction services company delivering fit out, construction, engineering services and specialist solutions, operating in 28 countries worldwide. The company works with owners, developers and occupiers in the public and private sector for an extensive range of industries. Our consistent delivery across geographies makes us the partner of choice for multi-national and local organisations building, refurbishing or fitting out their spaces.
ISG Plc was established in 1989 and ISG Middle East in 2008. Soon afterwards, we received the 'Middle East Interiors Contractor of the Year' Award at the 2011 and 2013 Commercial Interior Design Awards. The company has offices in Dubai, Abu Dhabi and Doha and is particularly active in the hospitality and corporate fit out sectors.
In 2014, ISG Plc won a coveted Queen's Award for Enterprise, the UK's most prestigious business accolade for International Trade, in recognition of the company's sustained success in global markets.
For further information about ISG, its companies and its offerings, please visit our website www.isgplc.com or contact:-
Media Inquiries
For any media inquiries, please contact:
Radwa Allabban
M&N Place Abu Dhabi
T +971 (0)2 401 2646
E: radwa@mnplace.ae
© Press Release 2015
