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
More Construction & Real Estate Stories
- Emaar rules out plans for new tall tower
- Barwa net profit surges 27.3pc
- RAK Properties adds new villas to Flamingo project
- Saudi launches housing scheme to ease shortage
- R&M wins Oman residential project contract
- Asian skyscraper prices tower over rest of the world
- Tamleek opens new office in Dubai
- $29m allocated for Bahrain drainage projects
- Indian group plans $300m Bahrain Bay investment
- Drake and Scull awards key supply contract
- FCC wins $702m Doha metro line contract
- SPF Realty sees Dubai project success
- Abu Dhabi set for big property show
- Aldar working on $1.5bn UAE housing projects
- Gulf Finance House to start $3bn Tunisia project
- Abu Dhabi to see 10pc surge in new homes
- Saudi construction sector booming on new contracts
- Emaar offers 330 apartments in MBR City
- Dubai Design District sees big demand
- HUGE DEAL: Arabtec inks $40bn Egypt housing project
- Galfar ex-CEO gets 15 years' jail over bribes
- $32m BFH car park work underway
- Bahrain awards $5.8m project tenders
- Spinneys to set up distribution centre at Kizad
- Dubai unveils $300m hitech 'green' city project
- Deyaar plans $245m Dubai complex
- IFA unveils $272m Dubai mixed-use project
- CBRE tops Fortune’s most admired firms list
- Kuwait's real estate sales hit $1.1bn in Jan
- Dubai RTA awards $27m roads contract