DUBAI, March 18 Dubai builder Arabtec on Tuesday said its fourth-quarter net profit more than tripled on the back of an increasing backlog of projects and growth in its key United Arab Emirates and Saudi Arabia markets.
The contractor reported a net income of 122 million dirhams ($33.2 million), compared with 32 million dirhams in the corresponding period of 2012.
Arabtec also proposed a 2013 cash dividend of 0.1 dirham per share plus bonus shares worth 30 percent of share capital. The company gave no dividend for 2012. ($1 = 3.6730 UAE Dirhams) (Reporting by David French and Praveen Menon; Editing by Andrew Torchia)