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