{"id":9238,"date":"2016-03-27T21:32:36","date_gmt":"2016-03-27T14:32:36","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=9238"},"modified":"2016-03-27T18:48:51","modified_gmt":"2016-03-27T11:48:51","slug":"middle-east-payment-delays-push-project-manager-hill-international-to-q4-loss","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/middle-east-payment-delays-push-project-manager-hill-international-to-q4-loss\/","title":{"rendered":"Middle East payment delays push project manager Hill International to Q4 loss"},"content":{"rendered":"


\n
\nThe project manager Hill International slipped to a fourth-quarter loss as it was hit with an increasing number of bad debts from its Middle East operations.The US-based company said that revenue for the last three months of 2015 was US$189.8 million – up 11 per cent on the previous year. However, it declared a net loss as a result of $5m of “unusual expenses” \u2014 the biggest of which was a $2.2m increase in bad debts “primarily related to accounts receivable in the Middle East”.
\nIts full-year results for 2015 show a net profit of $6.9m (2014: $6.2m loss) as its revenue increased by 12 per cent to $720.6m. The company’s president and chief executive, David Richter described its full-year results as “a significant achievement”.”Although challenges in the Middle East are likely to persist due to current low oil prices, we are still targeting a modest level of overall revenue growth this year,” he said.\u00a0
\n“Our continuing focus in 2016 will be to minimise our indirect costs and maximise our bottom-line profitability so that we can use our anticipated strong cash flow to reduce our outstanding debt.”The company said that it expects consulting fee revenue to be in the range of $630m to $660m, which would represent flat growth at the lower end and a 5 per cent increase at the \u00adhigher end.Hill International’s current Middle East projects include the Riyadh Metro, the extension of King Abdulaziz Airport in Jeddah and the Jabal Omar development overlooking Mecca’s Grand Mosque in Saudi Arabia. In the UAE, it is overseeing a number of residential projects for Abu Dhabi National Oil Company (Adnoc), as well as infrastructure works at its Zirku island offshore project.
\nIt has not yet given a breakdown of where it earned its revenue, but in 2014 47 per cent came from the Middle East.It saw off a challenge from the New York-based activist fund Bulldog Investors, which wanted the company to hire an investment bank with a view to selling the business. Hill International had rejected a previous $5.50 per share offer from the private equity fund DC Capital Partners in May. DC Capital Partners had wanted to combine the business with one of its previous acquisitions, Michael Baker International, and reduce its exposure to the Middle East.
\nHill rejected the offer, and DC Capital Partners wrote to the company again in December proposing a second bid offering $4.75 per share, stating that “no tangible results” had been achieved. However, a cost optimisation programme announced that Hill’s management has said it will remove $25m of overheads from the business. The company’s shares closed last Thursday evening at $3.07, giving it a market capitalisation of $158m.
\nmfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Middle East payment delays push project manager Hill International to Q4 loss<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The project manager Hill International slipped to a fourth-quarter loss as it was hit...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-9238","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-2p0","jetpack-related-posts":[{"id":34744,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/atkins-middle-east-reports-lower-revenue-and-liquidity-pressure\/","url_meta":{"origin":9238,"position":0},"title":"Atkins Middle East reports lower revenue and liquidity pressure","date":"November 17, 2016","format":false,"excerpt":"\r Building consultancy Atkins has reported a decline in \u00adrevenue in its Middle East business in the six months to September 30, and tightening liquidity as clients continue to delay payments.The UK-based company's Middle East unit reported a 12 per cent year-on-year decline in revenue to \u00c2\u00a3104.9 million (Dh481.2m), although\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":50656,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hill-international-chief-expects-further-shrinkage-in-middle-east-operations-in-2017\/","url_meta":{"origin":9238,"position":1},"title":"Hill International chief expects further shrinkage in Middle East operations in 2017","date":"April 2, 2017","format":false,"excerpt":"\r The head of US project management company Hill International has said it expects its business in the Middle East to decline further this year and is prepared to take appropriate cost-cutting measures.Speaking on an investors' call after revealing a net loss of US$18.8m for 2016, compared to a net\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":34390,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/middle-east-pay-delays-hit-hill-international-says-chief-as-it-slides-to-loss\/","url_meta":{"origin":9238,"position":2},"title":"Middle East pay delays hit Hill International, says chief, as it slides to loss","date":"November 15, 2016","format":false,"excerpt":"\r The project management firm Hill International has declared a net loss of US$6.9 million in the third quarter of 2016, citing lower revenues and payment delays from its Middle East operations.The US-based project management company said consulting fee revenues for the quarter dropped by 19.3 per cent, or $11.4m,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21953,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/middle-east-decline-sees-hill-internationals-q2-net-profit-fall-66\/","url_meta":{"origin":9238,"position":3},"title":"Middle East decline sees Hill International's Q2 net profit fall 66%","date":"August 4, 2016","format":false,"excerpt":"\r Construction management company Hill International reported that net profit in its second quarter shrunk by two-thirds as a result of decline in work from the Middle East.The US-based company, which is set for a showdown with activist shareholder Bulldog Investors at its annual general meeting (AGM) next week, reported\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22193,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/middle-east-project-growth-coming-back-to-the-region-says-hill-international\/","url_meta":{"origin":9238,"position":4},"title":"Middle East project growth coming back to the region, says Hill International","date":"August 7, 2016","format":false,"excerpt":"\r The US project management company Hill International expects overall growth in the Middle East to return in terms of new contract awards next year, although it is planning to cut overheads in Oman in anticipation of a slower market in the sultanate.Hill's chief executive David Richter anticipated that \"the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":53742,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hill-interenational-chief-executive-departs\/","url_meta":{"origin":9238,"position":5},"title":"Hill Interenational chief executive departs","date":"May 4, 2017","format":false,"excerpt":"\r David Richter, the chief executive of Hill International, is to leave the firm with immediate effect.Mr Richter is set to be replaced as interim chief executive by Paul Evans. Mr Evans is one of three directors who joined the firm last September and who were nominated by activist investor\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/9238"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=9238"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/9238\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=9238"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=9238"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=9238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}