Arabtec has posted a 11% increase in net profit of in the second quarter of the year, hitting AED 103 million against the same period of the corresponding year.

In six months, the company posted net profit of AED 240 million, an increase of 55% on a yearly basis.

On Thursday, Hassan Ismaik, former CEO of Dubai-based Arabtec has trimmed his stake in the group this week, according to Dubai bourse data.

Ismaik cut his stake to 28.77% from 28.85%, selling about 3.52 million shares worth AED 14 million at Wednesday’s closing stock price.

Abaar Investment, the second biggest shareholder in Arabtec and a possible buyer of Ismaik’s stake, said earlier last week that it was studying different options but that any negotiations would be confidential.