FINANCIAL NEWS

Dubai’s Arabtec reports USD17.67m Q1 profit

11 May 2012

(MENAFN) Dubai’s Arabtec Holding announced that net profit during the first quarter surged to USD17.67 million, from USD5.59 million in 2011’s same period, reported Gulf News.

The company said that revenue during the 3-month period that ended March 31 went up to USD273 million, compared with USD252 million a year ago.

It added that recently, it was identified as the preferred bidder for an estimated USD3 billion deal to develop Abu Dhabi International Airport, along with a consortium of Turkey’s TAV Insaat and Greece’s Consolidated Contractors Company (CCC).

It is worth noting that Arabtec was awarded a USD60 million contract from Aabar, the Abu Dhabi state-owned fund, which has a 10.5 percent stake in the Dubai-based builder.

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