Abu Dhabi – Arabtec Holding, an engineering and construction group of companies, will consider a proposed distribution of 40 per cent dividends, 10 per cent cash, and 30 per cent in bonus shares, at its upcoming annual general meeting.
The meeting, which will be held on 30 April in Abu Dhabi, will showcase the company’s highlights over the past year, as well as current and upcoming projects.
In 2013, Arabtec Holding’s net profit grew to Dh377.8 million, marking a 171 per cent increase over the previous year.
The company also reported revenues up 30 per cent to Dh7.4 billion. Revenues were driven by the company’s growing backlog and continued strong performance in the UAE and Saudi Arabia markets. In the fourth quarter of 2013 alone, the company marked an increase of 285 per cent as it recorded profits of Dh122 million, compared to Dh32 million in the fourth quarter of 2012.
“Arabtec is now better positioned to undertake major projects in line with the strategy for growth announced last year, particularly as our backlog within UAE and abroad has now reached nearly Dh200 billion,” said Hasan Ismaik, managing director and CEO of Arabtec Holding.