Dubai: Dubai contractor Arabtec on Thursday announced profits of Dh260.5 million in 2011 and revealed that it would pay a Dh5 dividend to shareholders.
The company, which has surged on the Dubai Financial Market in recent weeks and last week, announced that Abu Dhabi's sovereign wealth fund Aabar would up its stake in the firm, also said it would pay Dh15 million in bonuses to junior and middle ranking staff.
The results, which did include quarterly figures, showed that Arabtec - the builder of the Burj Khalifa - had revenues of Dh5 billion in 2011.
Reuters calculated that Arabtec made a net profit of 165.8 million dirhams ($45.14 million) for the fourth quarter, a three-fold increase.
Arabtec has been expanding internationally in the wake of Dubai property downturn, in markets including Saudi Arabia, where it has a tie-up with Saudi construction giant Bin Laden.
The company announced that an annual general meeting (AGM) will be held on 5 April.
