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FINANCIAL NEWS
Arabtec Q3 net profit grew 212 percent
14 Nov 2013
(MENAFN) Arabtec, Dubai’s largest listed construction firm, said that it had dropped plans for a second phase of a planned USD1.3 billion rights issue and capital hike, after reporting a jump in third-quarter net profit.
Arabtec, which is building a branch of France’s Louvre museum in Abu Dhabi, made a third-quarter net profit of USD44.1 million, a rise of 212 percent year-on-year. Revenue in the same period was up 39 percent to USD517 million.
Revenue for the nine-month period to September 2013 was up 27 percent to USD1.3 billion, resulting in a 153 percent rise in profit to USD99.9 million.
It had raised USD653 million through a right issue in July and planned to raise an equal amount in the second phase if needed.
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