Arabtec has recently announced a hike in its third quarter net profits, beating analyst predictions.
Involved with building a branch of France’s Louvre museum in Abu Dhabi, the company made a Q3 net profit of $27.4 million.
The figure is not only almost thrice its 2012 Q3 net profits of $9.5 million, it is also better than analysts’ predictions that Arabtec’s quarterly profit would be $17.4 million.
Arabtec raised $653 million through a rights issue in July, also revealed its board of directors decided to cancel phase 2 of the issue due to the strong financial position achieved by the company, said a report by Gulf Times.
