Dubai’s Arabtec reports USD23m profit in Q1

09 May 2012

(MENAFN) Dubai-based developer Arabtec Holding reported a jump in its quarterly profits on improved business in the real estate market, Reuters reported.

The company, in which Abu Dhabi state-owned fund Aabar has a 10.5 percent stake, said it made USD22.90 million net profit during the first quarter, more than triple from USD7.24 million a year earlier.

Arabtec also reported USD353.8 million revenue during the quarter, up from USD326.6 million in the same period of last year.

UAE’s largest construction firm by market value said it was mulling acquiring the remaining 45 percent stake held by three separate partners in its subsidiary, Gulf Steel Industries (GSI).

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