Drake & Scull sees 25-30pc revenue growth
Dubai, May 24, 2011
Dubai-based engineer Drake & Scull International expects to post a 25 to 30 percent rise in 2011 revenue as it focuses on growth markets like Saudi Arabia and India, its chief executive said.
"India could be a potential big market for us, apart from the Gulf. We expect 25-30 percent revenue growth in 2011," Khaldoun Tabari said at the Arabian world construction summit on Tuesday.
Drake won a 10 million euro ($14.07 million) wind turbine project in India recently and Saudi Arabia accounts for 50 percent of the company's order backlog, Tabari said.
The company, which specialises in mechanical, engineering and plumbing operations (MEP), has no plans to raise external financing to fund its projects or expansion, the CEO said.
"We have capital in the bank," Tabari said.
Drake's operations in Yemen and Syria have been hit by political unrest in the countries, the executive said, adding the company stopped a $30 million project in Syria two to three weeks ago.
Earlier in the month the Dubai contractor posted a 21 percent rise in net profit for the first quarter, beating analysts forecasts.
In April, Drake bought International Centre for Contracting Co (ICC), which has offices in Jeddah and Damman, for 128 million riyals. - Reuters