Tuesday, May 15, 2012

Drake and Scull International Sees Continuous Revenue Growth in Q1 2012

Drake & Scull International Sees Continuous Revenue Growth in Q1 2012

The company records net profit of AED 43 million and AED 777 million in revenues

[Dubai, 15 May, 2012] Drake & Scull International PJSC (DSI), a regional market leader in integrated design, engineering and construction disciplines of Civil Contracting, Mechanical, Electrical and Plumbing (MEP), and Water and Power, reported a net profit of AED 43 million and AED 777 million in revenues for Q1 2012 representing a Top line growth of 20% in comparison to Q1 2011.

Earnings per share ("EPS") were AED 0.018 compared with AED 0.021 recorded during the same period last year. Total project awards to date reached AED 2 billion. The Order backlog closed at AED 7.7 billion as of the 31st of March representing a 3% growth in comparison to the figures recorded in Q1 2011.

Commenting on the results, Khaldoun Tabari, CEO of DSI said, “The Company is on track in achieving its growth objective for the year and is poised for considerable expansion in North Africa and Asia. We have seen our revenues increase and this is attributed to our sustained backlog and to the timely execution of the projects on hand. Expansion into Rail is underway and the company is currently prequalifying for major bids across the GCC. The Oil & Gas division is also eying projects in the region and we expect continuous growth for the Civil, MEP and Water and Power businesses.”

Osama Hamdan, CFO of DSI added, “The increase in revenues is based completely on organic growth. The company has been successful in reducing its receivables through improved collections during the quarter. The company effectively continues to diversify with the expansion into the rail business and establishment of new offices in India, Algeria and Iraq and has invested in related CAPEX in the current quarter. The overall margins reflect the momentum of execution on some projects along with additional finance costs as a result of the acquisition funding.”

“Our objective is to keep a firm grip on operational costs to improve net margins and maintain profitability .The Company continues to focus on Asia and North Africa apart from its primary markets and is exploring various prospects through its Civil, MEP and Water and Power divisions,” Hamdan Concluded.

About Drake & Scull International PJSC

Drake & Scull International PJSC (DSI) is a regional market leader delivering world class quality projects via end to end solutions that provide integrated design, engineering and construction disciplines of Mechanical Electrical and Plumbing (MEP), Civil Contracting, and Water & Power Infrastructure, through People, Innovation, and Passion.

DSI established its first office in Abu Dhabi in 1966, and has since expanded operations to encompass offices in Dubai, Egypt, Kuwait, Libya, Oman, Saudi Arabia, Syria, Qatar, Jordan and Thailand, as well as managing projects in Europe and other parts of North Africa.

DSI ‘s main business streams include Drake & Scull International, which serves as the MEP arm, Drake & Scull Construction (DSC), which is the General Civil Contracting unit and Drake and Scull Water & Power (DSWP), which focuses on the Water & Power and Infrastructure sector.

In 2008, DSI offered 55% of its shares to the public and the IPO was oversubscribed 101 times. Ernst & Young ranked the IPO among the top 20 global IPOs in 2008.

DSI has since then used the funds to integrate, establish and acquire businesses that compliment its corporate strategy of expansion into new markets, via organic and inorganic growth.
The fully Integrated Management Systems, certified to ISO 9001:2008, ISO 14001:2005 and OSHAS 18001:2007 standards are compliant with leading building, health and safety regulations, as well as sound environmental and energy management procedures.

DSI is a leader through experience, and has established a regional leadership position over 44 years of successfully completing the most complex projects on time, within budgets and matching set quality parameters.

DSI has completed many prestigious projects in the region for over four decades, and has helped shape the region’s skyline from within.

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