(MENAFN -Khaleej Times) arabtec holding co, the biggest listed construction contractor in the uae, jumped more than five per cent after 2013 profit almost tripled, beating estimates
The shares gained as much as 5.7 per cent to dh5.58, their highest level since august 2008, before closing at dh5.55. full-year profit climbed to dh377 million (103 million) from dh139 million a year earlier, beating the dh313 million mean estimate of 11 analysts compiled by bloomberg.
Arabtec’s board recommended a 10 per cent cash dividend and 3 per cent bonus shares. dubai’s benchmark dfm general index rose 0.5 per cent on wednesday.
A resurgence in the uae real-estate market, where prices more than halved from their 2008 peak during the financial crisis, is boosting profits at contractors.
Prices for mid-range apartments rose 43 per cent in 2013, according to cluttons llc data. arabtec is expanding into international markets, while at home it’s set to benefit as dubai plans 8 billion of infrastructure spending in preparation for world expo 2020.