Drake & Scull orders backlog hits record
Dubai, February 13, 2013
Dubai-based Drake & Scull International (DSI) has reported a net profit of Dh128 million ($34.84 million) for the year 2012, while its order backlog reached a record high of Dh9.1 billion representing a year on year increase of 30 per cent.
DSI, a regional market leader in the integrated design, engineering and construction disciplines of civil contracting, mechanical, electrical and plumbing (MEP), water and power, rail and oil and gas, posted revenues of Dh3.3 billion, an increase of 6.5 per cent over fiscal 2011.
Earnings per Share (EPS) Stood at Dh0.05 in comparison to Dh0.09 recorded last year.
Total project awards announced in 2012 reached Dh5.4 billion in comparison to Dh4.4 billion awarded in 2011, the company said.
Q4 revenues and net profit closed at Dh1.2 billion and Dh46 million versus Dh600 million and Dh8 million in Q3, respectively.
The fourth quarter top line and bottom line growth reflect the increased momentum in productivity across the civil projects in Saudi Arabia, which were subdued in Q3 due to the seasonal trend and the summer holidays.
Commenting on the results, Khaldoun Tabari, CEO of DSI said: “We are satisfied with our strong earnings performance for both the fourth quarter and the full year across our operating segments and look forward to continued improvements in our key markets in 2013”.
“Our commitment to growth, leverage and returns continues to improve value for our shareholders as we have successfully managed in 2012 to add to our service portfolio Rail and Oil & Gas and to expand our operations reach into Iraq, Algeria and India while maintaining profitability”.
“The GCC continues to be our growth engine, and we expect in 2013 accelerated growth for DSI in emerging markets and particularly Saudi Arabia and Qatar”. – TradeArabia News Service
More Construction & Real Estate Stories
- Damac launches luxury apartments at Expo site
- Kuwaitis top GCC property buyers in Oman
- Rubber World to showcase at Big 5 Saudi
- Tool to help create effective property listings
- 'Smart' move by Dubai Design District
- Drake unit wins $13m contract in India
- Solar-powered cleaning boats launched in Sharjah
- $27m Expo Hotel Sharjah deal signed
- Arabtec unit wins $282m Emaar contract
- Abu Dhabi to host pool & spa expo
- ADCM unit secures $213m bridging loan
- Cluttons Dubai launches new luxury apartments
- Dubai developer Damac profits triple to $641m
- Dubai to start work on $544m water canal
- Dubai property market can absorb 25,000 units
- Jones Lang LaSalle renamed 'JLL'
- Aldar raises synergy estimate from Sorouh merger
- UAE industrial property sector keeps up growth
- Dubai residential property prices up 26pc
- Majid Al Futtaim to build new mall in Dubai IMPZ
- 300 firms to take part in Dubai property forum
- Naseej inks deal to develop Bahrain projects
- Dadabhai unveils new residential project
- Flowcrete completes Dubai Mall project
- Global asphalt demand hits new high
- $1.3bn infrastructure investment firm set up in Saudi
- Manara sees big project villa success
- Global giants eye RAK utility projects
- Cayan partners with international artist Zsuzsanna
- Samsung, Hyundai win $1.7bn Iraq deals