Dubai: Arabtec's third quarter net profit surged more than fivefold, beating analysts' forecasts, while revenues dipped slightly from the same period last year.
The largest builder in the United Arab Emirates by market value made a net profit of Dh39.1 million ($10.6 million) for the third quarter, it said in a statement on Dubai's bourse website yesterday.
The firm, which has been expanding rapidly overseas to diversify its portfolio from its home market in Dubai, made a net profit of Dh6.8 million in the third quarter last year.
Arabtec did not give a reason for the profit jump.
Revenues for the three month period ending September 30 were Dh1.1 billion, it said yesterday. This was down from Dh1.3 billion last year.
Analysts in a survey earlier in October forecast an average profit of Dh33.6 million for the quarter.
Last month, Arabtec said it won a Dh750 million residential construction contract in India.
The company is looking to eventually more than double its workforce to 25,000 in Saudi Arabia as it continues to shift its focus to other markets following a real estate downturn in its primary market.
