Arab Today, arab today dubai\s arabtec q1 net surges to dh84m
Last Updated : GMT 02:07:29
Arab Today, arab today
Arab Today, arab today

Dubai\'s Arabtec Q1 net surges to Dh84m

Arab Today, arab today

Arab Today, arab today Dubai\'s Arabtec Q1 net surges to Dh84m

Dubai - Arabstoday

Dubai Arabtec Holding, UAE\'s largest construction firm by market value, more than tripled its first-quarter net profits, exceeding analysts\' forecasts, and said on Wednesday it was considering buying out its steel subsidiary. The company, in which Abu Dhabi state-owned fund Aabar has a 10.5 per cent stake, made a net profit of Dh84.1 million ($22.90m) in the quarter, compared with Dh26.6m in the corresponding period last year. Revenue for the quarter rose slightly to Dh1.3 billion from Dh1.2bn in the previous year, Arabtec said in a bourse statement on Wednesday. Arabtec\'s quarterly profit easily beat estimates of four analysts polled by Reuters, who on average expected it to earn 40 million dirhams in the quarter. The company also said it was considering buying out the remaining 45-per cent stake held by three separate partners in its subsidiary, Gulf Steel Industries (GSI). \"The board provisionally authorised the CEO of the company, Riad Kamal, to negotiate the best possible price for acquiring a further 45 per cent in GSI so long as it did not exceed the valuation originally obtained on the said subsidiary,\" Arabtec said in a separate statement. It also named Aabar\'s Khadem Al Qubaisi as chairman of the board. Qubaisi is also the chairman of Aabar. Arabtec nominated four executives from Aabar to its board in April, a sign of the state fund\'s growing influence in the company after it doubled its stake to over 10 per cent. The company has also won a $60m contract from Aabar after the stake hike. Arabtec, along with a consortium of Turkey\'s TAV Insaat and Athens-based Consolidated Contractors Company (CCC), were also identified as the preferred bidders for an estimated $3bn contract to expand Abu Dhabi\'s international airport. Shares in Arabtec have more than doubled on the Dubai bourse so far in 2012 on the back of new contract wins and expectations of further stake increases by Aabar.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dubai\s arabtec q1 net surges to dh84m Arab Today, arab today dubai\s arabtec q1 net surges to dh84m

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 21:49 2017 Thursday ,16 February

Scientists develop new therapy

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday