Tabari: optimistic about prospects

Tabari: optimistic about prospects

DSI net profit up

01 September 2013

DRAKE & Scull International PJSC (DSI), a regional market leader in the integrated design, engineering and construction disciplines of general contracting, mechanical, electrical and plumbing (MEP), water and power, rail and oil and gas, reported total revenues of Dh 2.5 billion ($680 million) and a total net profit of Dh114.9 million for H1 2013, representing growth of 71.8 per cent and 53.9 per cent respectively compared with the first half of 2012.

Earnings per share (EPS) for the first half of the year stood at Dh0.044 indicating a 56.1 per cent surge compared with the same period last year.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) reached Dh189.9 million compared with Dh107 million indicating improved operational efficiency.

Total project awards year to date reached Dh5.2 billion in Saudi Arabia, the UAE, Qatar, Jordan and India. The total order backlog reached a record high closing at Dh11.7 billion as of June 30, representing a 58.1 per cent growth compared with Dh7.4 billion recorded during the same period last year.

Commenting on the results, Khaldoun Tabari, CEO of DSI, said, “We are well on track to achieve our growth objectives for the year. Saudi Arabia and the UAE continue to be the key drivers to our topline growth. Our recent contract awards in the Jordanian market and the on-going projects in Southern Iraq will contribute to bottomline growth in the second half of the year as productivity on project sites improves.

“Operations in Qatar, Kuwait, Algeria and India are steady with sustained margins across all our business streams.”

Tabari said the company remained optimistic on prospects for the second half of the year across all its markets and expected to maintain the same momentum.

DSI’s main business streams include Drake & Scull Engineering, which serves as the MEP and Water & Power arm, Drake & Scull Construction (DSC), which is the General Civil Contracting unit, and Drake and Scull Development, focusing on the infrastructure sector.

In 2008, DSI offered 55 per cent 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.

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