Contractor awarded Sphere Abu Dhabi project sees net profits soar to $58.2m

ALEC Holdings was appointed to be the main contractor for The Sphere Abu Dhabi, a project worth $1.7.

ALEC Holdings, the UAE contractor that successfully tendered and won the deal for The Sphere Abu Dhabi has saw revenues and profits soar in the first-half of 2026.

It released its H1 results for 2026, and they made for good reading.

Year-on-year revenue growth is up by a staggering 67.7 per cent to $2.4 billion (AED 8.99 billion).

Earlier this year, ALEC Holdings was announced as the main contractor for the coveted Sphere Abu Dhabi project, valued at a cool $1.7 billion.

ALEC was also awarded a number of project’s on ADNOC’s Das Island.

In addition to the above, other key highlights from their results include $58.2 million (AED 213.8 million) in net profit.

Its balance sheet also remained very strong, despite the economic headwinds as a result of the US-Iran war.

ALEC Holdings had $272m (AED 1 billion) in net cash and $148m (AED 544.8 million) in Free Cash Flow to Firm, up 49.9 per cent year-on-year.

In line with its dividend policy, ALEC has announced an $27m (AED 100 million) interim cash dividend for its H1 results, that us payable in October 2026.

Barry Lewis, CEO of ALEC Holdings, attributed the securement of new megadeals as a factor in their strong financial performance.

“H1 2026 was a period of strong growth for us, with revenue increasing 67.6 per cent year-on-year to reflecting the scale of activity and strength of delivery across our portfolio.

“We also secured significant new work, including our appointment to deliver Sphere Abu Dhabi and three EPC awards on Das Island for our Energy Services subsidiary, TARGET, with a combined value exceeding $490 million.”

At the height of the regional conflict, extended stoppages to offshore work temporarily curtailed activity their Energy Services business, limiting its potential revenue contribution, while the Group continued to carry the cost of idled manpower.

“We actively managed these pressures through disciplined cost control and project and workforce planning, while maintaining execution momentum across the wider portfolio,” said Lewis.

He added that the demand backdrop across the UAE and Saudi Arabia remains constructive, supported by continued investment in large-scale urban development, aviation, energy, hospitality and digital infrastructure.

“Our $8.8 billion (AED 32.5 billion) backlog provides strong visibility over future activity, and we continue to deploy our capacity selectively, prioritising complex, large-scale projects that align with our capabilities and where our integrated platform delivers the greatest value to clients.”

John Deeb, CFO at ALEC Holdings, echoed the sentiments expressed by Lewis.

“Our net profit reached $52.8 million in H1, which demonstrates the scale and resilience of our business model.

“Our Q2 profitability impacted by operational disruptions in Energy Services related to regional geopolitical developments and the associated absorption of fixed costs, partially mitigated by disciplined cost management,” said Deeb.