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FINANCIAL NEWS
Dubai’s Arabtec’s Q4 profit up to USD45.14m
08 Mar 2012
(MENAFN) Dubai’s Arabtec net profit in the fourth quarter surged to USD45.14 million, from USD14.89 million in the same period a year earlier, according to Reuters calculations.
On the other hand, the UAE builder said that profit for 2011 fell 15 percent from 2010’s same period to USD70.91 million.
It also said that for the year, revenue reached USD1.36 billion.
Moreover, at the start of the year, Arabtec won a USD153 million contract for the expansion of the Dubai International Airport, and was also awarded three contracts in Abu Dhabi for USD69.68 million.
It is worth noting that recently, Abu Dhabi’s sovereign fund Aabar Investments increased its stake in Arabtec.
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