Dubai builder Arabtec , in which Abu Dhabi's Aabar Investments upped its stake recently, saw a three-fold rise in its fourth-quarter net profit, handily beating analyst expectations.
The largest builder in the United Arab Emirates by market value made a net profit of 165.8 million dirhams ($45.14 million)for the fourth quarter, Reuters calculated, compared with 54.7 million dirhams in the corresponding period in 2010.
Reuters calculated fourth-quarter figures from previous financial statements. Full-year profit after accounting for minority interest stood at 260.5 million dirhams, the company said in a statement to the bourse, down 15 percent from the prior-year period.
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