Someone seems to be doing something right. Arkan Building Materials is currently trading at 60 times its earnings, and is at the time of writing the fifth largest company in the UAE by market capitalisation, only beaten by Etisalat, Mashreqbank, National Bank of Abu Dhabi and Emirates NBD.
Even given its relatively small freefloat of 30 per cent or so of its shares, making it a bulky, illiquid stock, that is pretty odd. Far be it for me to proffer suggestions as to what is behind its sterling performance.
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